NEW YORK, April 16, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Perion Network Ltd. (“Perion” or the “Company”) (NASDAQ: PERI) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Perion securities between February 9, 2021 and April 5, 2024, both dates inclusive (the “Class Period”). Investors have until June 17, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Perion’s most significant search partner and largest source of revenue is Microsoft. The company’s agreement with Microsoft accounted for more than one third of Perion’s revenue in the each of the last three years. On April 8, 2024, Perion announced preliminary financial results for Q1 2024 and updated full year 2024 guidance, revealing that in Q1 Perion experienced a decline in search advertising activity due to changes in pricing implemented by Microsoft Bing. On this news, the price of Perion Network Ltd. common stock declined by $8.61 per share, or approximately 40%, on April 8, 2024.
The filed complaint alleges that throughout the Class Period, Defendants 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; (4) Perion’s AI technology and Microsoft’s investment in ChatGPT would not protect or grow Perion’s search advertising revenue; and (5) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about Perion’s search advertising business and related financial results, growth, and prospects.
If you purchased or otherwise acquired Perion shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
