SAN DIEGO, Nov. 29, 2022 (GLOBE NEWSWIRE) —

The class: Law Firm Shareholder Rights Robbins LLP investigates the officers and directors of Palantir Technologies Inc. PLTR and its officers and directors to determine whether they have breached any fiduciary duty or securities laws. Palantir develops and implements software platforms to assist the US Secret Service in counter-terrorism investigations and operations.

If you would like more information on our investigation into Palantir Technology Inc.’s wrongdoing, click here here.

What is it about in this case: Palantir Technologies Inc. (PLTR) is misleading investors regarding its financial prospects

According to a class action lawsuit filed against Palantir between November 9, 2021 and May 6, 2022, the defendants failed to disclose that Palantir’s investments in marketable securities had a material negative impact on the company’s earnings per share ( “EPS”); (ii) Palantir has overstated the sustainability of its government segment’s growth and revenues; and (iii) Palantir experienced a significant slowdown in revenue growth, particularly from its government customers. As a result, Palantir likely missed consensus estimates for its first quarter 2022 (“Q1”) and second quarter 2022 (“Q2”) revenue guidance.

On May 9, 2022, Palantir issued a press release announcing first quarter financial results and second quarter guidance. For Q1, Palantir reported adjusted earnings per share of $0.02, compared to analyst estimates of $0.04 per share, noting in a conference call that “[f]first quarter adjusted [EPS of] $0.02. . . includes a negative impact of $0.02 primarily due to unrealized losses on marketable securities.” The company also announced that government revenue increased just 16% year-over-year in the first quarter, significantly slowing revenue growth compared to previous quarters and that, for the second quarter, the Company was expecting revenue of $470 million compared to estimates of $483.76 million….