Palantir Technologies Inc.

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.

If you purchased Palantir securities and would like to join the action, please click “Join This Class Action.”

Class Period:Pursuant and/or traceable to the Company's direct offering and/or September 30, 2020 through August 5, 2022
If you purchased Palantir securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

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:

  •  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;
  • 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;
  • 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;
  • 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;
  • 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;
  • 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;
  • 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
  • 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.

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.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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Company Name: Palantir Technologies Inc.
Stock Symbol: PLTR
Class Period: Pursuant and/or traceable to the Company's direct offering and/or September 30, 2020 through August 5, 2022
Court: United States District Court for the District of Colorado

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