Perion Network Ltd.
Case Overview
45 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 07/02/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Perion Network Ltd. |
Court: | Court: Southern District of New York |
Case Number: | Case Number: 1:24cv02860 |
Class Period: | Class Period: 02/09/2021 - 04/05/2024 |
Ticker: | Ticker: PERI |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Perion Network Ltd. (“Perion” or the “Company”) (NASDAQ: PERI) securities during the period of February 9, 2021 through April 5, 2024, inclusive (“the Class Period”). Investors have until June 17, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that throughout the Class Period, Perion made false and/or misleading statements, as well as failed to disclose material facts, including that: (1) Perion's search advertising business was not a reliable and significant growth driver and was in fact in decline; (2) Perion's long-term relationship with Microsoft and search services agreement would not provide stability for Perion's search advertising business; (3) there was an increased risk of Microsoft acting to unilaterally change its advertising pricing and mechanisms to the detriment of Perion while the search services agreement was in place; and (4) Perion's AI technology and Microsoft's investment in ChatGPT would not protect or grow Perion's search advertising revenue.
The lawsuit alleges that throughout the Class Period, Perion made false and/or misleading statements, as well as failed to disclose material facts, including that: (1) Perion's search advertising business was not a reliable and significant growth driver and was in fact in decline; (2) Perion's long-term relationship with Microsoft and search services agreement would not provide stability for Perion's search advertising business; (3) there was an increased risk of Microsoft acting to unilaterally change its advertising pricing and mechanisms to the detriment of Perion while the search services agreement was in place; and (4) Perion's AI technology and Microsoft's investment in ChatGPT would not protect or grow Perion's search advertising revenue.