Perion Network Ltd. Investors: Class action lawsuit filed on behalf of investors; the Portnoy Law Firm
Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, June 06, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Perion Network Ltd. (“Perion” or the “Company”) (NASDAQ: PERI) investors that a class action has been filed on behalf of investors. Perion investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On April 8, 2024, Perion revealed its preliminary financial results for the first quarter of 2024, announcing an expected revenue range of $590-$610 million, a significant decrease from the previously forecasted $860-$880 million. The Company attributed this revision to a decline in search advertising pricing following changes implemented by Microsoft's Bing search engine.
Following this announcement, Perion's stock price plummeted by $8.61, or 40.8%, closing at $12.50 per share on April 8, 2024, causing significant losses for investors.
The class action complaint alleges that during the Class Period, the Defendants made materially false and/or misleading statements and failed to disclose critical adverse facts regarding the Company’s business, operations, and future prospects. Specifically, the Defendants did not inform investors that: (1) Perion’s search advertising business was unreliable and declining rather than being a significant growth driver; (2) Perion’s long-term relationship with Microsoft and the search services agreement did not ensure stability for its search advertising business; (3) there was an increased risk of Microsoft unilaterally altering its advertising pricing and mechanisms to Perion's disadvantage under the existing search services agreement; (4) Perion’s AI technology and Microsoft’s investment in ChatGPT would not safeguard or enhance Perion’s search advertising revenue; and (5) consequently, the Defendants' positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis throughout the relevant period.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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