Snowflake(US:SNOW) Businesswire·2026-02-26 00:29Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Snowflake Inc. related to alleged violations of federal securities laws, with a deadline for investors to seek lead plaintiff status by April 27, 2026 [1][3]. Group 1: Allegations Against Snowflake - The complaint alleges that Snowflake and its executives made false or misleading statements and failed to disclose that product efficiency gains, Iceberg Tables, and tiered storage pricing were expected to negatively impact consumption and revenues [3]. - As a result of these undisclosed issues, the positive statements made by the defendants regarding consumption patterns, revenues, and demand for Snowflake products lacked a reasonable basis [3]. Group 2: Financial Impact and Leadership Changes - On February 28, 2024, Snowflake disclosed its financial results for the quarter ended January 31, 2024, which included forecasts of increased revenue headwinds due to product efficiency gains and tiered storage pricing [4]. - Following this announcement, Snowflake's Class A common stock price fell by $41.72, or 18.14%, from $230.00 to $188.28 per share [5]. - On the same day, it was announced that Frank Slootman retired as Chief Executive Officer of Snowflake Inc. effective February 27, 2024 [4].