NEW YORK , Sept. 26, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Sprinklr, Inc. (NYSE: CXM).
Shareholders who purchased shares of CXM during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: https://securitiesclasslaw.
com/securities/sprinklr-loss-submission-form/?id=105019&from=4 CLASS PERIOD: March 29, 2023 to June 5, 2024 ALLEGATIONS: According to the complaint, on December 6, 2023 , Sprinklr announced strong 3Q 2024 results and then reduced its estimated growth for the 4Q and full year 2025. The Company blamed it on "subscription renewal pressures" caused by macro headwinds and the "over-rotation" of sales to its Contact Center as a Service ("CCaaS") market. On an earnings call in September 2023 , CEO Ragy Thomas stated that the Company's investments in AI and the CCaaS opportunity were main contributors to its customer growth.
Subsequently, in March several changes were made to the Company's C-level positions. Analysts commenting on the reduced estimates mention surprise at the timing and shift in the Company's sales strategy. Following this news, Sprinklr's stock price fell by $5.
59 per share, or approximately 34% to close at $11.11 per share. On June 5, 2024 , Sprinklr again announced significantly reduced growth expectations, this time cutting fiscal year 2025 projections another th.
