Splunk Gets Final Nod on $30 Million Stock Selloff Settlement

Splunk Inc.‘s agreement to pay $30 million to resolve class allegations it misled investors before its stock’s worst selloff ever got final approval from a federal judge.

Class members alleged Splunk failed to disclose it wasn’t closing deals with its largest customers, and when third quarter financial results revealed a $60 million gap between projected and actual revenues, its stock price dropped 23%. The class complaint for violations of federal securities law partially survived a motion to dismiss in the Northern District of California. The settlement will allow class members—investors who acquired Splunk stock between May and December 2020 ...