Snowflake(US:SNOW) TMX Newsfile·2026-03-07 16:25Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Snowflake Inc. due to allegations of violations of federal securities laws, particularly concerning misleading statements about the company's product efficiency and revenue expectations [2][4]. Group 1: Legal Investigation and Claims - The law firm is encouraging investors who suffered losses in Snowflake between June 27, 2023, and February 28, 2024, to discuss their legal rights [1]. - There is a deadline of April 27, 2026, for investors to seek the role of lead plaintiff in a federal securities class action against Snowflake [2]. - The complaint alleges that Snowflake and its executives made false statements regarding product efficiency gains and their impact on consumption and revenues [4]. Group 2: Financial Results and Market Reaction - 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 [5]. - 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 [6]. Group 3: Company Leadership Changes - On the same day as the financial disclosure, Frank Slootman announced his retirement as Chief Executive Officer of Snowflake Inc. [5]. Group 4: Whistleblower and Information Encouragement - Faruqi & Faruqi is also encouraging anyone with information regarding Snowflake's conduct, including whistleblowers and former employees, to contact the firm [8].