WHY: New York, NY - 
(NewMediaWire) - November 14, 2022 - Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Palantir Technologies Inc. (NYSE: PLTR): (i) pursuant and/or traceable to the Registration Statement and Prospectus used in connection with the offer, sale, and direct listing of Palantir Class A common stock on the New York Stock Exchange (“NYSE”) beginning on or about September 30, 2020 (the “Offering”); and/or (ii) between September 30, 2020 and August 5, 2022, inclusive (the “Class Period”), both dates inclusive (the “Class Period”), of the important November 14, 2022 lead plaintiff deadline.
WHAT TO DO NEXT: To join the Palantir class action, go to https://rosenlegal.com/submit-form/?case_id=8711 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 14, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, in the Offering documents and throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) in 2020 and early 2021, Palantir’s government revenue and deal value had been temporarily inflated by short-term contracts that the Company had entered into in connection with government responses to the COVID-19 pandemic and that the short-term boosts to the Company’s government revenue stream were not internally expected to continue after the relevant contracts ended; (2) Palantir had failed to secure additional government contracts, including those purportedly tied to increased geopolitical instability or uncertainty, sufficient to offset the expected loss of the temporarily increased government revenue received by Palantir from contracts arising from government responses to the COVID-19 pandemic; (3) the recent growth rate of Palantir’s government revenue and deal value was unsustainable and internally expected to decelerate and potentially even decline by the end of 2021; (4) beginning at least by April 2021, in an attempt to offset expected declines in Palantir’s government business Palantir had artificially inflated its deal value, commercial client base, and short-term commercial client revenue by investing in largely non-viable businesses, consisting primarily of special purpose acquisition companies (“SPACs”, also called blank check companies) target companies, on the condition that these businesses enter into contracts for Palantir’s products and services purportedly worth hundreds of millions of dollars; (5) Palantir was unlikely to ever receive a substantial portion of the revenue contracted for under the Company’s SPAC investment strategy, as the involved companies were largely non-viable businesses unable to pay for Palantir’s products and services for the duration of the relevant contract periods; (6) hundreds of millions of dollars’ worth of Palantir’s investments in early stage companies made through the Company’s SPAC investment strategy were at a substantial, undisclosed risk of being written down; (7) as a result, Palantir’s claim of greater than 30% annual revenue growth every year from 2021 to 2025 lacked a reasonable basis in fact and was not obtainable; and (8) as a result, Palantir’s historical revenue, deal value, and client metrics and defendants’ statements about the Company’s business, operations, and prospects were materially misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Palantir class action, go to https://rosenlegal.com/submit-form/?case_id=8711 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
