The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Sprinklr, Inc. (CXM)

The Law Offices of Frank R. Cruz reminds investors of the upcoming October 15, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Sprinklr, Inc. (“Sprinklr” or the “Company”) (NYSE: CXM) securities between March 29, 2023 and June 5, 2024, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On December 6, 2023, Sprinklr disclosed a sequential decrease in the total number of customers spending more than $1 million due to macroeconomic conditions. Additionally, the Company reduced its outlook for fiscal 2025 from 16% growth to 10%.

On this news, Sprinklr’s stock price fell $5.59, or 33.5%, to close at $11.11 per share on December 7, 2023, thereby injuring investors.

Then, on June 5, 2024, Sprinklr further reduced its fiscal 2025 growth expectations, from 10% to 7%, attributing the losses to reduced customer retention in the Company’s core business and macro headwinds.

On this news, Sprinklr’s stock price fell $1.64, or 15.1%, to close at $9.20 per share on June 6, 2024, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Sprinklr had significantly shifted its focus away from proven growth areas to focus aggressively on scaling a new business venture with Contact Center as a Service, resulting in artificially inflated short-term growth; (2) the Company’s projections failed to account for the difficulties in the implementation of scaling the Company’s new product and/or otherwise failed to adequately disclose the fact that the Company at the current time did not have adequate forecasting processes; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Sprinklr securities during the Class Period, you may move the Court no later than October 15, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20241014832125/en/