Core Viewpoint - A class action lawsuit has been filed against Alarum Technologies Ltd. for alleged violations of federal securities laws during the Class Period from March 14, 2024, to August 26, 2024, due to misleading statements regarding the company's business performance and customer engagement [1][6]. Company Overview - Alarum Technologies Ltd. is a global Software as a Service (SaaS) provider that offers web data collection solutions and a private internet browsing platform to a concentrated customer base [4]. - The company operates under a consumption-based business model, generating revenues based on customer usage of its enterprise and consumer access platforms [5]. Financial Performance - Alarum claimed to be a market leader with success in retaining and expanding customer engagements; however, it faced difficulties in this area, leading to a 20% revenue decrease from the prior month by June 2024 [6]. - On August 26, 2024, Alarum announced Q3 2024 revenue guidance of 9.2 million projected by analysts, indicating a decline of over 20% sequentially and only 3% growth year-over-year [7][9]. Market Reaction - Following the disappointing revenue guidance, Alarum's American Depositary Receipt (ADR) price fell by 14.83 on August 26, 2024 [10].
INVESTOR ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against Alarum Technologies Ltd. and Certain Officers – ALAR