An investor, who purchased shares of Perion Network Ltd. (NASDAQ: PERI), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Perion Network Ltd. in connection with certain allegedly false and misleading statements made between February 9, 2021 and April 5, 2024.
If you purchased a significant amount of shares of Perion Network Ltd. (NASDAQ: PERI), you have certain options and for certain investors are short and strict deadlines running. Deadline: June 17, 2024. NASDAQ: PERI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
Israel based Perion Network Ltd. provides digital advertising solutions to brands, agencies, and publishers in North America, Europe, and internationally. Perion Network Ltd’s most significant search partner and largest source of revenue is Microsoft. The company’s agreement with Microsoft accounted for more than one third of Perion’s revenue in the each of the last three years. Perion Network Ltd. reported that its annual Total Revenue rose from $640.25 million in 2022 to $743.15 million in 2023, and that its Net Income increased from $99.22 million in 2022 to $117.41 million in 2023.
On April 8, 2024, Perion issued a press release announcing preliminary financial
results for the first quarter of 2024 and updated full year 2024 guidance, revealing that “[i]n the first quarter of 2024, Perion experienced a decline in search advertising activity, attributable to changes in advertising pricing and mechanisms implemented by Microsoft Bing in its Search Distribution marketplace.” Perion further revealed that, “[t]hese adjustments led to a reduction in Revenue Per Thousand Impressions (RPM) for both Perion and other Microsoft Bing distribution partners” and “contributed to decreased search volume.” The Company also revealed that for the full 2024 year, it now expects revenue in the range of $590 million to $610 million, down from the prior guidance range of $860 to $880 million the Company gave on February 7, 2024.
Shares of Perion Network Ltd. (NASDAQ: PERI) declined from $31.60 per share on December 28, 2023, to $10.77 per share on April 22, 2024.
According to the complaint the plaintiff alleges on behalf of purchasers of Perion Network Ltd. (NASDAQ: PERI) common shares between February 9, 2021 and April 5, 2024, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 9, 2021 and April 5, 2024, the Defendants made false and/or misleading statements, as well as failed to disclose material facts, including that Perion’s search advertising business was not a reliable and significant growth driver and was in fact in decline, that Perion’s long-term relationship with Microsoft and search services agreement would not provide stability for Perion’s search advertising business, that there was an increased risk of Microsoft acting to unilaterally change its advertising pricing and mechanisms to the detriment of Perion Network Ltd. while the search services agreement was in place, that Perion’s AI technology and Microsoft’s investment in ChatGPT would not protect or grow Perion’s search advertising revenue, and that based on the foregoing, Defendants lacked a reasonable basis for their positive statements about Perion’s search advertising business and related financial results, growth, and prospects.
Those who purchased shares of Perion Network Ltd. (NASDAQ: PERI) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About:
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
