Perion Network Ltd. Class Action Lawsuit - PERI
Case Summary
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The Perion Network class action lawsuit seeks to represent purchasers or acquirers of Perion Network Ltd. (NASDAQ: PERI) common stock between February 9, 2021 and April 5, 2024, inclusive (the “Class Period”). Captioned Beisner v. Perion Network Ltd., No. 24-cv-02860 (S.D.N.Y.), the Perion Network class action lawsuit charges Perion Network and certain of Perion Network’s top current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Perion Network class action lawsuit, please provide your information in the form on this page. You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Perion Network class action lawsuit must be filed with the court no later than June 17, 2024.
CASE ALLEGATIONS: Perion Network is a global technology company that provides digital advertising solutions to brands, agencies, and publishers.
The Perion Network class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Perion Network’s search advertising business was not a reliable and significant growth driver and was in fact in decline; (ii) Perion Network’s long-term relationship with Microsoft and search services agreement would not provide stability for Perion Network’s search advertising business; (iii) there was an increased risk of Microsoft acting to unilaterally change its advertising pricing and mechanisms to the detriment of Perion Network while the search services agreement was in place; and (iv) Perion Network’s AI technology and Microsoft’s investment in ChatGPT would not protect or grow Perion Network’s search advertising revenue.
The Perion Network class action lawsuit further alleges that on April 8, 2024, Perion Network revealed that “[i]n the first quarter of 2024, Perion [Network] experienced a decline in search advertising activity, attributable to changes in advertising pricing and mechanisms implemented by Microsoft Bing in its Search Distribution marketplace.” The complaint further alleges that Perion Network also disclosed that for the full 2024 year, it now expects revenue in the range of $590 million to $610 million, down from the prior guidance range of $860 to $880 million Perion Network gave on February 7, 2024. On this news, the price of Perion Network common stock fell nearly 41%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Perion Network common stock during the Class Period to seek appointment as lead plaintiff in the Perion Network class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Perion Network class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Perion Network class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Perion Network class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm was ranked #1 on the ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller topped the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.