Robbins LLP is Investigating Allegations that Alarum Technologies Ltd. (ALAR) Misled Investors Regarding its Business Prospects

Robbins LLP informs stockholders that a class action was filed on behalf of all persons or entities who purchased or otherwise acquired Alarum Technologies Ltd. (NASDAQ: ALAR) securities between March 14, 2024 and August 26, 2024. Alarum is a global Software as a Service (“SaaS”) provider that offers web data collection solutions and a private internet browsing platform to a concentrated customer base.

The Allegations

According to the complaint, during the class period, defendants failed to disclose to investors that: (i) the Company was less effective in retaining and/or expanding customer engagements than it had represented to investors; (ii) the foregoing would impair Alarum’s ability to generate consistent revenue growth; (iii) accordingly, Alarum’s business and/or financial prospects were overstated; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On August 26, 2024, Alarum announced its results for the second quarter of 2024 and issued Q3 2024 guidance, revealing that it was expecting Q3 2024 revenue of $7 million, far short of the $9.2 million revenue figure projected by analysts. On a conference call with investors that same day, the Company's CEO attributed the disappointing Q3 2024 revenue guidance to the reduced customer spending Alarum began experiencing in June 2024. On this news, Alarum’s American Depositary Receipt (“ADR”) price fell $6.77 per ADR, or 31.34%, to close at $14.83 per ADR on August 26, 2024. 

What Now: You may be eligible to participate in the class action against Alarum Technologies Ltd. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by April 14, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.