Perion(US:PERI) Prnewswireยท2024-06-04 09:45Core Viewpoint - A class action securities lawsuit has been filed against Perion Network Ltd. alleging securities fraud that affected investors between February 9, 2021, and April 5, 2024 [1][2]. Group 1: Allegations of Fraud - The lawsuit claims that Perion's search advertising business was not a reliable growth driver and was actually in decline [2]. - It is alleged that the long-term relationship with Microsoft and the search services agreement would not provide stability for Perion's search advertising business [2]. - There is an assertion that Microsoft could unilaterally change its advertising pricing and mechanisms, negatively impacting Perion [2]. - The complaint states that Perion's AI technology and Microsoft's investment in ChatGPT would not safeguard or enhance Perion's search advertising revenue [2]. - Defendants are accused of lacking a reasonable basis for their positive statements regarding Perion's search advertising business and its financial outlook [2]. Group 2: Legal Process and Participation - Investors who suffered losses in Perion Network during the specified timeframe have until June 17, 2024, to request to be appointed as lead plaintiff [3]. - Participation in the lawsuit does not require serving as a lead plaintiff, and class members may be entitled to compensation without any out-of-pocket costs [3]. Group 3: Firm Background - Levi & Korsinsky has a history of securing hundreds of millions of dollars for shareholders and has extensive expertise in complex securities litigation [4]. - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the leading securities litigation firms in the United States [4].