Perion Network Ltd., a software company specializing in search advertising, is facing a new securities class action lawsuit. Investors who bought or acquired the company’s shares between February 9, 2021, and April 5, 2024, have until June 17, 2024, to file as lead plaintiffs in this case. The lawsuit alleges that Perion and certain executives failed to disclose crucial information during this period, thereby violating federal securities laws.
The catalyst for this lawsuit occurred on April 8, 2024, when Perion announced reduced revenue and adjusted EBITDA expectations for the first quarter of 2024. The company also revised its full-year 2024 revenue guidance, lowering it to a range of $590 million to $610 million, a year-over-year decrease of 19%. The changes were attributed to alterations in Microsoft Bing’s search advertising pricing and mechanisms. Microsoft is Perion’s primary search partner and largest revenue source.
Upon this announcement, Perion’s stock price plummeted by around 40%, or $8.61 per share. This significant drop in share price prompted shareholders to seek legal recourse.
The case, known as Beisner v. Perion Network Ltd., et al., has been filed in the United States District Court for the Southern District of New York.
Shareholders interested in joining the lawsuit can visit ClaimsFiler’s website at https://claimsfiler.com/cases/nasdaq-peri/ or call their toll-free number at (844) 367-9658. The legal team at Kahn Swick & Foti, LLC is also available for consultations regarding the case.
ClaimsFiler, a shareholder information service, aims to assist retail investors in recovering their portion of billions of dollars from securities class action settlements. By registering for free on ClaimsFiler.com, investors can gain access to information and settlement websites related to various securities class action cases. Additionally, investors can upload their portfolio transactional data to receive timely notifications about relevant securities cases that may affect their financial interests. Free case evaluations can be requested from the Kahn Swick & Foti, LLC law firm through the website.
For more information about ClaimsFiler and the services they provide, please visit www.claimsfiler.com.
SOURCE: ClaimsFiler
Perion Network Ltd., a software company specializing in search advertising, is currently facing a new securities class action lawsuit. The lawsuit alleges that Perion and certain executives failed to disclose important information during the period between February 9, 2021, and April 5, 2024, which is a violation of federal securities laws.
The catalyst for this lawsuit occurred on April 8, 2024, when Perion announced reduced revenue and adjusted EBITDA expectations for the first quarter of 2024. The company also revised its full-year 2024 revenue guidance, lowering it to a range of $590 million to $610 million, representing a year-over-year decrease of 19%. This change in guidance was attributed to alterations in Microsoft Bing’s search advertising pricing and mechanisms, as Microsoft is Perion’s primary search partner and largest revenue source.
As a result of this announcement, Perion’s stock price dropped by approximately 40%, or $8.61 per share. Shareholders, seeing this significant decline in share price, have decided to pursue legal action.
The case, known as Beisner v. Perion Network Ltd., et al., has been filed in the United States District Court for the Southern District of New York.
Shareholders interested in joining the lawsuit can visit ClaimsFiler’s website at ClaimsFiler or call their toll-free number at (844) 367-9658. The law firm Kahn Swick & Foti, LLC is also available for consultations regarding the case.
It’s important to note that investing in securities carries inherent risks, and lawsuits such as this one highlight the potential challenges and controversies associated with investing in publicly traded companies. Shareholders may face financial losses if the allegations against Perion are proven to be true.
Additionally, it is worth mentioning that Perion’s stock prices can be influenced by factors beyond the control of the company, such as changes in search advertising pricing and mechanisms by their primary partners, like Microsoft Bing.
Looking forward, it will be interesting to see how this lawsuit unfolds and whether it will have long-term implications for Perion Network Ltd. and its investors. It is crucial for investors to stay informed about the progress of this case and any potential settlement that may arise.
For more information about ClaimsFiler and the services they provide, please visit their website at ClaimsFiler.