Sprinklr Inc. management concealed shifting resources away from its main line of business, exposing the customer communication software company to a record stock selloff and financial headwinds, a shareholder derivative action said.
Share prices plummeted more than 33% the day after executives revealed that moving resources and manpower to its cloud-based customer service offering hurt sales and renewals of its core set of products, Ray Figurella said in a complaint filed Wednesday in the US District Court for the Southern District of New York. The day after this disclosure, Dec. 7, 2023, was the stock’s most significant single-day drop since ...
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