Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Perion Network Ltd. who purchased shares between February 9, 2021 and April 5, 2024.
Perion and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 8, 2024, the Company, whose most significant search partner and largest source of revenue is Microsoft, disclosed reduced revenue and adjusted EBITDA expectations for Q1 2024, as well as reduced full-year 2024 guidance to revenue of only $590 million to $610 million (down 19% year over year, from an original range of $860 million to $880 million, or growth of 17% year over year), due to changes to Microsoft Bing’s search advertising pricing and mechanisms.
On this news, the price of Perion’s shares fell by $8.61 per share, or approximately 40%, on April 8, 2024.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until June 17, 2024 to request that the court appoint them lead plaintiff.