SUEWALLST: INSTITUTIONAL SNOW HOLDERS FACE PORTFOLIO LOSSES FROM ALLEGED FRAUD

Core Viewpoint - Institutional investors holding Snowflake Inc. (NYSE: SNOW) shares from June 27, 2023, to February 28, 2024, may face portfolio losses due to alleged securities fraud, prompting a potential class action lawsuit [1] Summary by Relevant Sections Institutional Holders - The stock price of Snowflake declined by $41.72 per share, or 18.14%, following corrective disclosures on February 28, 2024 [1] - The lawsuit claims that Snowflake and its officers made materially misleading statements regarding consumption patterns, product revenue growth, and the feasibility of a $10 billion revenue target for 2029 [1] - Institutional investors are encouraged to assess their options for recovery before the April 27, 2026, deadline for lead plaintiff appointment [1] Portfolio Impact Assessment - The lawsuit alleges that Snowflake's stock was artificially inflated due to positive statements about consumption stability and new product developments [1] - The company disclosed that FY '25 product revenue growth would only reach 22% year-over-year, significantly below the anticipated 30%, and withdrew its $10 billion target for 2029, leading to a repricing that affected all institutional holders who bought shares based on previous representations [1]