SUEWALLST: INSTITUTIONAL SNOW HOLDERS FACE PORTFOLIO LOSSES FROM ALLEGED FRAUD

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Mar 05, 2026, 14:25 ET

Notice to Pension Funds, Asset Managers, and Fiduciaries

NEW YORK, March 5, 2026 /PRNewswire/ -- Institutional investors holding positions in Snowflake Inc. (NYSE: SNOW) during the period June 27, 2023 through February 28, 2024 may wish to evaluate lead plaintiff opportunities in a pending securities class action. Request an institutional investor loss assessment. You may also contact Joseph E. Levi, Esq. at [email protected] or (888) SueWallSt.

With over 334 million shares outstanding and actively traded on the NYSE, SNOW was widely held across institutional portfolios. The stock declined $41.72 per share, or 18.14%, following corrective disclosures on February 28, 2024. The Court has set April 27, 2026 as the deadline to apply for lead plaintiff appointment.

Notice to Institutional Holders

A securities class action contends that Snowflake and certain officers made materially misleading statements about consumption patterns, product revenue growth, and the viability of a $10 billion revenue target for 2029. According to the action, undisclosed headwinds from product efficiency improvements, open-source table formats, and volume-based storage discounts were already eroding the consumption-based revenue model while management projected confidence to investors.

For pension funds, endowments, and asset managers that held SNOW during the Class Period, the magnitude of the per-share decline raises questions about portfolio-level impact and fiduciary response obligations.

Fiduciary Obligations and Recovery Options

- Fiduciaries have a duty to evaluate available legal remedies when portfolio holdings suffer losses attributable to alleged securities fraud

- Serving as lead plaintiff allows an institutional investor to select counsel, oversee litigation strategy, and ensure the class recovery is maximized

- Lead plaintiff appointment carries no out-of-pocket cost; counsel fees are paid only from any recovery obtained

- The PSLRA favors institutional investors with the largest financial interest in the relief sought

- Absent class members retain the right to participate in any recovery without serving as lead plaintiff

- Institutional holders with significant SNOW positions during the Class Period are encouraged to assess their options before the April 27, 2026 deadline

Portfolio Impact Assessment

The lawsuit alleges that Snowflake's stock price was artificially inflated throughout the Class Period by positive statements about stabilizing consumption, new product tailwinds, and reaffirmed long-term revenue targets. When the Company disclosed that FY '25 product revenue growth would reach only 22% year-over-year, drastically below the 30% the market anticipated, and withdrew its $10 billion 2029 target, the resulting repricing affected every institutional holder that acquired shares based on prior representations.

"Institutional investors play a critical role in securities class actions. Their participation as lead plaintiff helps ensure vigorous prosecution of claims and meaningful accountability for the benefit of all class members." -- Joseph E. Levi, Esq.

INSTITUTIONAL INVESTOR REPRESENTATION -- Levi & Korsinsky, LLP provides sophisticated counsel to institutional investors evaluating lead plaintiff opportunities. The firm has recovered hundreds of millions of dollars. Ranked among ISS Top 50 for seven consecutive years.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (888) SueWallSt
Fax: (212) 363-7171

SOURCE SueWallSt.com