{"id":5638,"date":"2024-04-08T08:00:00","date_gmt":"2024-04-08T01:00:00","guid":{"rendered":"https:\/\/www.globenewswire.com\/news-release\/2024\/04\/08\/2858862\/0\/en\/Bragar-Eagel-Squire-P-C-Reminds-Investors-That-Class-Action-Lawsuits-Have-Been-Filed-Against-Snowflake-Chemours-and-Evolv-and-Encourages-Investors-to-Contact-the-Firm.html2858862"},"modified":"2024-04-08T08:00:00","modified_gmt":"2024-04-08T01:00:00","slug":"bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-snowflake-chemours-and-evolv-and-encourages-investors-to-contact-the-firm","status":"publish","type":"post","link":"https:\/\/cryptoinsider.asia\/vi\/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-snowflake-chemours-and-evolv-and-encourages-investors-to-contact-the-firm\/","title":{"rendered":"Bragar Eagel &amp; Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Snowflake, Chemours, and Evolv and Encourages Investors to Contact the Firm"},"content":{"rendered":"\n<p>NEW YORK, April 07, 2024 (GLOBE NEWSWIRE) &#8212; Bragar Eagel &amp; Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Snowflake Inc. (NYSE: SNOW), The Chemours Company (NYSE: CC), and Evolv Technologies Holdings, Inc. (NASDAQ: EVLV). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.<\/p>\n<p align=\"justify\"><strong>Snowflake Inc. (NYSE: SNOW)<\/strong><\/p>\n<p align=\"justify\">Class Period: September 16, 2020 &#8211; March 2, 2022 (Class A Common Stock Only)<\/p>\n<p align=\"justify\">Lead Plaintiff Deadline: April 29, 2024<\/p>\n<p align=\"justify\">Snowflake is a cloud data platform that enables its enterprise customers to consolidate data into a single source to build data-driven applications and share data.<\/p>\n<p>The Snowflake class action lawsuit alleges that defendants throughout the Class Period made false and\/or misleading statements and\/or failed to disclose that: (i) Snowflake had systematically oversold capacity to customers which created a misleading appearance of the demand for Snowflake\u2019s products and services; (ii) Snowflake had provided significant discounts to its customers prior to its initial public offering (\u201cIPO\u201d) that temporarily boosted sales but would not be sustainable after the IPO and\/or necessitate platform efficiency adjustments that negatively impacted client consumption and Snowflake\u2019s revenue and profit margins; (iii) as a result, Snowflake\u2019s customers were poised to roll over a material amount of unused credits (and thereby cannibalize future sales) at the end of their contracts\u2019 terms or to refuse to renew their contracts at prior consumption levels or at all; and (iv) consequently, Snowflake\u2019s product revenue and remaining performance obligations had been artificially inflated leading up to and during the Class Period.<\/p>\n<p align=\"justify\">On March 2, 2022, Snowflake revealed that its product revenue growth rate for fiscal 2023 was projected to be slashed to a range of 65% to 67%, far below the triple-digit growth and purportedly ongoing favorable business trends highlighted by defendants during the Class Period. &nbsp;On a related earnings call also held on March 2, 2022, Snowflake CFO, defendant Michael P. Scarpelli, further revealed that Snowflake customers were consuming at a reduced rate, which he blamed on \u201cplatform enhancements . . . which lowered credit consumption.\u201d &nbsp;On this news, the price of Snowflake Class A common stock fell nearly 28% over several trading sessions, damaging investors.&nbsp;<\/p>\n<p align=\"justify\">For more information on the Snowflake class action go to: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=orX3NLQ6jrCJ0enzpf5ELwk2XlkgYwG6ge30LJROVLFTm6Tz0Sk5ZxKIFDAsfVIINHbv8dAdt-C5hhybydL7m0_Z8puXAOkJn7jsBd56Mro=\" rel=\"nofollow noopener\" target=\"_blank\" title>https:\/\/bespc.com\/cases\/SNOW<\/a><\/p>\n<p align=\"justify\"><strong>The Chemours Company (NYSE: CC)<\/strong><\/p>\n<p align=\"justify\">Class Period: April 28, 2023 &#8211; February 28, 2024<\/p>\n<p align=\"justify\">Lead Plaintiff Deadline: May 20, 2024<\/p>\n<p align=\"justify\">Headquartered in Wilmington, Delaware, Chemours is an industrial and specialty chemical company for a number of markets including, among others, the \u201ccoatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas\u201d markets. &nbsp;<\/p>\n<p align=\"justify\">After the market closed on February 9, 2023, Chemours announced its fourth quarter and full year 2022 financial results. &nbsp;As is relevant here, Chemours announced Free Cash Flow (defined as cash flows from operations, less purchases of property, plant, and equipment) of $94 million in the fourth quarter of 2022 and $447 million in full year 2022, \u201cdemonstrating [Chemours\u2019s] continuing ability to generate strong Free Cash Flow.\u201d<\/p>\n<p align=\"justify\">The following day, February 10, 2023 (the first day of the Class Period), Chemours filed its 2022 annual report on Form 10-K (the \u201c2022 Annual Report\u201d) with the SEC and reiterated that it generated Free Cash Flow of $447 million in full year 2022. &nbsp;In connection with the 2022 Annual Report, the Company\u2019s CEO Mark Newman and then CFO Sameer Ralhan certified the accuracy of the Company\u2019s financial reports and the adequacy of the Company\u2019s internal control over financial reporting.<\/p>\n<p align=\"justify\">Chemours reported quarterly and year-to-date Free Cash Flow metrics in connection with each of the Company\u2019s quarterly financial results throughout the remainder of the Class Period. &nbsp;Each of the Company\u2019s quarterly financial reports filed on Form 10-Q during the remainder of the Class Period contained substantially identical certifications to those set forth in the 2022 Annual Report from Chemours\u2019s CEO Newman and CFO Ralhan (first quarter of 2023) and CFO Jonathan Lock (second and third quarters of 2023). &nbsp;<\/p>\n<p align=\"justify\">Prior to and during the Class Period, Chemours also set and publicized certain criteria for executive compensation. &nbsp;For example, pursuant to Chemours\u2019s Annual Incentive Plans (\u201cAIPs\u201d) for 2022 and 2023, the Company\u2019s senior executive officers (including the CEO and CFO) were entitled to additional cash compensation if certain targets, including Free Cash Flow targets, were met. &nbsp;Similarly, pursuant to Chemours\u2019s Long-Term Incentive Plans (\u201cLTIPs\u201d), the Company\u2019s senior executive officers (including the CEO and CFO) were entitled to stock compensation if certain targets, including Free Cash Flow Conversion (defined as cash flows from operations, less purchases of property, plant, and equipment divided by Adjusted EBITDA) targets, were met. &nbsp;<\/p>\n<p align=\"justify\">According to the complaint, notwithstanding Defendants\u2019 repeated assurances regarding the accuracy of the Company\u2019s financial reports and the adequacy of the Company\u2019s internal control over financial reporting, investors began to learn the truth on February 13, 2024, when Chemours \u201cannounced that it has postponed the release of its financial results and conference call related to the fourth quarter and full year ended December 31, 2023, which had previously been scheduled for February 14, 2024 and February 15, 2024, respectively,\u201d and that it now \u201cexpect[ed] to issue its fourth quarter and full year 2023 financial results after market close on Wednesday, February 28, 2024.\u201d &nbsp;According to the Company, the delay was necessary \u201cbecause it needs additional time to complete its year-end reporting process\u201d and \u201cis evaluating its internal control over financial reporting . . . with respect to maintaining effective controls related to information and communications.\u201d Chemours also revealed that it needed additional time for its Audit Committee to conduct a related internal review.<\/p>\n<p align=\"justify\">In response to this initial development, the price of Chemours common stock fell $3.85 per share, or more than 12%, from a close of $30.49 per share on February 13, 2024, to close at $26.64 per share on February 14, 2024.<\/p>\n<p align=\"justify\">Then, before the market opened on February 29, 2024, Chemours stunned investors when it announced that it was delaying the filing of its annual report for 2023 and that its Board of Directors had \u201cplace[d] President and Chief Executive Officer Mark Newman, Senior Vice President and Chief Financial Officer Jonathan Lock and Vice President, Controller and Principal Accounting Officer Camela Wisel on administrative leave . . . pending the completion of an internal review being overseen by the Audit Committee of the Board of Directors with the assistance of independent outside counsel.\u201d &nbsp;According to the Company, the scope of the investigation \u201cincludes the processes for reviewing reports made to the Chemours Ethics Hotline\u201d and Chemours\u2019s \u201cpractices for managing working capital, including the related impact on metrics within the Company\u2019s incentive plans [and] certain non-GAAP metrics\u201d in the Company\u2019s financial reports. &nbsp;Given the importance of these issues\u2014not only to executive compensation, but also investors\u2019 assessment of Chemours\u2019s financial performance\u2014the Company acknowledged that it \u201cis evaluating one or more potential material weaknesses in its internal control over financial reporting as of December 31, 2023 with respect to maintaining effective controls related to the control environment, including the effectiveness of the \u2018tone at the top\u2019 set by certain members of senior management.\u201d<\/p>\n<p align=\"justify\">In response to these revelations, the price of Chemours common stock plummeted $9.05 per share, or more than 31%, from a close of $28.72 per share on February 28, 2024, to close at $19.67 per share on February 29, 2024.<\/p>\n<p align=\"justify\">The Complaint 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\u2019s business and operations. &nbsp;Specifically, Defendants misrepresented and\/or failed to disclose that: (1) certain of the Company\u2019s senior executive officers manipulated Free Cash Flow targets as a means to maximize additional cash and stock incentive compensation applicable to executive officers pursuant to the Company\u2019s AIPs and LTIPs; (2) the Company\u2019s accounting practices and procedures, including its internal control over financial reporting, were deficient; and (3) as a result, Defendants\u2019 statements about the Company\u2019s business, operations, and prospects lacked a reasonable basis.<\/p>\n<p align=\"justify\">For more information on the Chemours class action go to: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=orX3NLQ6jrCJ0enzpf5ELwk2XlkgYwG6ge30LJROVLFyKFgtsGXrm-6lZPmfVqn_4cVIXmwcw-Fw2xT3MzwosHZuEUN1jQ3240QCwcbiu4A=\" rel=\"nofollow noopener\" target=\"_blank\" title>https:\/\/bespc.com\/cases\/CC<\/a><\/p>\n<p align=\"justify\"><strong>Evolv Technologies Holdings, Inc. (NASDAQ: EVLV)<\/strong><\/p>\n<p align=\"justify\">Class Period: June 28, 2021 &#8211; March 13, 2024<\/p>\n<p align=\"justify\">Lead Plaintiff Deadline: May 24, 2024<\/p>\n<p align=\"justify\">According to the lawsuit, defendants throughout the Class Period made materially false and\/or misleading statements and\/or failed to disclose that: (1) Evolv materially overstated the efficacy of its products; (2) the lack of effectiveness of Evolv\u2019s products with regard to detecting knives and guns led to an increased risk of undetected weapons entering locations such as schools; (3) Evolv deceived the general public, its customers, and its investors regarding the effectiveness of its products; and (4) as a result, defendants\u2019 statements about its business, operations, and prospects, were materially false and misleading and\/or lacked a reasonable basis at all times.<\/p>\n<p align=\"justify\">For more information on the Evolv class action go to: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=orX3NLQ6jrCJ0enzpf5ELwk2XlkgYwG6ge30LJROVLEQDwDriGM7bQGSbwgo4bQ3ZxkefZP55E2H11FTzjqpbueYj9NFBw-iU9Dm7lQCkC6IAz9oikWYmDoLacBoEiqh\" rel=\"nofollow noopener\" target=\"_blank\" title>https:\/\/bespc.com\/cases\/EVLV<\/a><\/p>\n<p align=\"justify\"><strong>About Bragar Eagel &amp; Squire, P.C.:<\/strong><\/p>\n<p align=\"justify\">Bragar Eagel &amp; Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=aldzll8rWzQo_HyufqD7SDVij_dk398YQL8HVUm2877637ZeDjwYDThcaIlzdtAL6sXPfXMnUnKmvYMUQ2N7Gw==\" rel=\"nofollow noopener\" target=\"_blank\" title><u>www.bespc.com<\/u><\/a>. Attorney advertising. Prior results do not guarantee similar outcomes.<\/p>\n<p align=\"justify\"><strong>Contact Information:<\/strong><\/p>\n<p align=\"justify\">Bragar Eagel &amp; Squire, P.C.<br \/>Brandon Walker, Esq. <br \/>Marion Passmore, Esq.<br \/>(212) 355-4648<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=FqaZgCnI6kXcsXXcmX3e5BrNOjYwM4mwUExusljzraMbmjbl_r28oY1mWNJD-ogs6w1PIYWg8_dVRTkG0wALiFqQ6nko8bHMp5E9N_clZpI=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"investigations@bespc.com\">investigations@bespc.com<\/a><br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=aldzll8rWzQo_HyufqD7SJTSmP3fVq0ICGrPBsEmk8hMkTLuD7aWanTqXKOzhOLWQK6PmLvssPgRws2d2ccMYA==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.bespc.com\">www.bespc.com<\/a><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/MTBhZTVkMzItNzg5Yy00MTkwLTk0NDYtMWQ4ODdkYzg1OWQ5LTExMTE5Njk=\/tiny\/Bragar-Eagel-Squire.png\" referrerpolicy=\"no-referrer-when-downgrade\"> <\/p>\n","protected":false},"excerpt":{"rendered":"<p> NEW YORK, April 07, 2024 (GLOBE NEWSWIRE) &#8212; Bragar Eagel &amp; Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Snowflake Inc. (NYSE: SNOW), The Chemours Company (NYSE: CC), and Evolv Technologies Holdings, Inc. (NASDAQ: EVLV). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. Snowflake Inc. (NYSE: SNOW)&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5639,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[75,1406],"tags":[],"class_list":["post-5638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-globenewswire"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bragar Eagel &amp; Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Snowflake, Chemours, and Evolv and Encourages Investors to Contact the Firm<\/title>\n<meta name=\"description\" content=\"NEW YORK, April 07, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel &amp; Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Snowflake Inc. (NYSE: SNOW), The Chemours Company (NYSE: CC), and Evolv Technologies Holdings, Inc. (NASDAQ: EVLV). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. Snowflake Inc. 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