{"id":966974,"date":"2026-05-26T11:26:10","date_gmt":"2026-05-26T15:26:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-snowflake-inc-snow\/"},"modified":"2026-05-26T11:26:10","modified_gmt":"2026-05-26T15:26:10","slug":"gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-snowflake-inc-snow","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/gainey-mckenna-egleston-announces-a-class-action-lawsuit-has-been-filed-against-snowflake-inc-snow\/","title":{"rendered":"Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Snowflake, Inc. (SNOW)"},"content":{"rendered":"
\n

NEW YORK, May 26, 2026 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northen District of California on behalf of all persons or entities who purchased or otherwise acquired Snowflake, Inc. (\u201cSnowflake\u201d, \u201cSNOW\u201d or the \u201cCompany\u201d) (NYSE: SNOW) securities between May 24, 2023, and June 10, 2024, inclusive (the \u201cClass Period\u201d).<\/p>\n

The Complaint alleges that Frank Slootman (\u201cSlootman\u201d), who was Snowflake\u2019s Chairman and CEO from 2019 to early 2024, created a Rule 10b5-1 sales plan, which triggered stock sales when prices hit certain parameters. The Complaint continues to allege that Slootman sold approximately $223 million worth of Snowflake stock in only 46 days, right before the Company disclosed devastating news about various business challenges.<\/p>\n

The Complaint also alleges that on February 28, 2024, CFO Scarpelli stated: \u201cWe are forecasting increased revenue headwinds associated with product efficiency gains, tiered storage pricing and the expectation that some of our customers will leverage Iceberg Tables for their storage.\u201d The Complaint further alleges that he added: \u201cwe do expect a number of our large customers are going to adopt Iceberg formats and move their data out of Snowflake where we lose that storage revenue and also the compute revenue associated with moving that data into Snowflake.\u201d On this news, the stock price dropped $41.72 (18.14%,) from a close of $230.00 per share on February 28, 2024 to $188.28 per share on February 29, 2024.<\/p>\n

Investors who purchased or otherwise acquired shares of Snowflake should contact the Firm prior to the July 21, 2026<\/em><\/strong> lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com<\/u><\/a> or gegleston@gme-law.com<\/u><\/a>.<\/p>\n

Please visit our website at http:\/\/www.gme-law.com<\/u><\/a> for more information about the firm.<\/p>\n

\"\"
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\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, May 26, 2026 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northen District of California on behalf of all persons or entities who purchased or otherwise acquired Snowflake, Inc. (\u201cSnowflake\u201d, \u201cSNOW\u201d or the \u201cCompany\u201d) (NYSE: SNOW) securities between May 24, 2023, and June 10, 2024, inclusive (the \u201cClass Period\u201d). The Complaint alleges that Frank Slootman (\u201cSlootman\u201d), who was Snowflake\u2019s Chairman and CEO from 2019 to early 2024, created a Rule 10b5-1 sales plan, which triggered stock sales when prices hit certain parameters. The Complaint continues to allege that Slootman sold approximately $223 million worth of Snowflake stock in only 46 days, … <\/p>\n

Continue reading “Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Snowflake, Inc. (SNOW)”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-966974","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Snowflake, Inc. 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