The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed against C3.ai, Inc. (“C3”) . The action charges C3 with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of C3’s materially misleading statements to the public, C3’s investors have suffered significant losses.
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
C3’S ALLEGED MISCONDUCT
C3 is an artificial intelligence software company that offers software-as-a-service applications for enterprises in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally.
On February 16, 2022, Spruce Point Capital Management, LLC (“Spruce Point Capital”) published a short-seller report on C3. In the report, Spruce Point Capital revealed that it found “multiple instances of claims made by C3 that appear to be exaggerated, or don’t reconcile with our research findings.” Specifically, the report indicates, among other things, that given shifty customer definition disclosures, there is a high probability that C3 is overstating its paying and active customer Inflated Technology Value. Additionally, Spruce Point Capital found that C3’s implied market share of just 0.12% supports either market size inflation or its irrelevance in the industry sales cycle.
Following this news, C3’s stock price fell $1.01 per share, or 3.93%, to close at $24.70 per share on February 16, 2022.
WHAT CAN I DO?
C3 investors may, no later than May 3, 2022 seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages C3 investors who have suffered significant losses to contact the firm directly to acquire more information.
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WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct.