Skip to main content

EXTENDED CLASS PERIOD: Robbins Geller Rudman & Dowd LLP Files Class Action Against Palantir Technologies Inc. and Announces Opportunity for Investors with Substantial Losses to Lead Case - PLTR

Robbins Geller Rudman & Dowd LLP announces that it has filed a class action lawsuit seeking to represent purchasers of Palantir Technologies Inc. (NYSE: PLTR) common stock between September 30, 2020 and August 5, 2022, inclusive (the “Class Period”), including purchases pursuant and/or traceable to the Registration Statement and Prospectus used in connection with the offer, sale, and direct listing of Palantir Class A common stock on the New York Stock Exchange (“NYSE”) beginning on or about September 30, 2020 (the “Offering”). Captioned Shijun Liu, Individually and as Trustee of The Liu Family Trust 2019 v. Palantir Technologies Inc., No. 22-cv-2893 (D. Colo.), the Palantir class action lawsuit charges Palantir as well as certain of its top executive officers and directors with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934. Two previously filed complaints are also pending – Cupat v. Palantir Technologies Inc., No. 22-cv-02384 (D. Colo.), and Allegheny County Employees’ Retirement System v. Palantir Technologies Inc., No. 22-cv-02805 (D. Colo.).

If you suffered substantial losses and wish to serve as lead plaintiff of the Palantir class action lawsuit, please provide your information here:

You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at Lead plaintiff motions for the Palantir class action lawsuit must be filed with the court no later than November 14, 2022.

CASE ALLEGATIONS: Palantir is a software and data analytics company. Despite years of resisting a public offering, in July 2020 Palantir announced that it had made a confidential submission of a draft registration statement with the U.S. Securities and Exchange Commission for a public offering via a direct listing. And to secure a high valuation in connection with the Offering, Palantir needed to demonstrate to investors that Palantir was poised to eventually turn a profit by sustaining its recent revenue growth and improving its operating efficiencies.

But as the Palantir class action lawsuit alleges, unbeknownst to investors, at the time of the Offering, Palantir’s robust growth in government revenue and deal value had been temporarily inflated by short-term contracts that Palantir had entered into in connection with government responses to the COVID-19 pandemic. The Palantir class action lawsuit further alleges that following the Offering, to create the appearance of continued robust client and revenue growth in the face of waning government support, Palantir launched a highly unorthodox investment program in which Palantir invested in early-stage companies in exchange for these companies agreeing to enter into contracts for Palantir’s products and services (the “SPAC Investment Strategy”).

But beginning in November 2021, through a series of partial disclosures, Palantir revealed an abrupt slowdown in both its government and commercial operating segments. Rather than experiencing accelerating growth, Palantir has ultimately revealed sequential declines in its government revenue, government deal value, and total deal value. Similarly, Palantir’s commercial business has stalled, and Palantir was forced to abandon its SPAC Investment Strategy and effectively pull its five-year revenue guidance just a year-and-a-half after first announcing it.

As a result, the price of Palantir stock collapsed more than 80% below the Class Period high to less than $8 per share, causing investors to suffer significant losses and economic damages under the federal securities laws.

The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Palantir common stock during the Class Period, including purchases pursuant and/or traceable to the Registration Statement and Prospectus used in connection with the Offering, to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Palantir class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Palantir class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Palantir class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

Attorney advertising.

Past results do not guarantee future outcomes.

Services may be performed by attorneys in any of our offices.


Robbins Geller Rudman & Dowd LLP

655 W. Broadway, Suite 1900, San Diego, CA 92101

J.C. Sanchez, 800-449-4900

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.