Robbins LLP is Investigating the Allegations that Perion Network Ltd. (PERI) Misled Investors Regarding its Business Prospects
Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Perion Network Ltd. (NASDAQ: PERI) common stock between February 9, 2021 and April 5, 2024. Perion is a global technology company that provides digital advertising solutions to brands, agencies, and publishers in North America, Europe, and internationally.
The Allegations
According to the complaint, during the class period, defendants failed to disclose that: (1) Perion’s search advertising business was not a reliable and significant growth driver and was in fact in decline; (2) Perion’s long-term relationship with Microsoft and search services agreement would not provide stability for Perion’s search advertising business; (3) there was an increased risk of Microsoft acting to unilaterally change its advertising pricing and mechanisms to the detriment of Perion while the search services agreement was in place; and (4) Perion’s AI technology and Microsoft’s investment in ChatGPT would not protect or grow Perion’s search advertising revenue. When the truth was revealed, Perion’s common stock declined by $8.61 per share, or approximately 40%, from $21.11 per share on April 5, 2024, to close at $12.50 on April 8, 2024.
What Now: You may be eligible to participate in the class action against Perion Network Ltd. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by June 17, 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.
