Deadline Approaching for Lead Plaintiff in Snowflake Securities Class Action

Kaplan Fox & Kilsheimer LLP files suit against Snowflake Inc. on behalf of investors who purchased stock during 2023-2024 class period.

Apr. 9, 2026 at 3:51pm

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A photorealistic studio still life featuring a stack of financial documents, a calculator, and a pen arranged on a clean white background, conveying the abstract corporate strategy and finance at the center of the Snowflake securities lawsuit.A conceptual studio still life captures the abstract financial complexities at the heart of the Snowflake securities class action lawsuit.Los Angeles Today

Kaplan Fox & Kilsheimer LLP has filed a class action lawsuit against Snowflake Inc. (NYSE: SNOW) on behalf of investors who purchased the company's Class A common stock between June 27, 2023 and February 28, 2024. The lawsuit alleges that Snowflake failed to disclose that product efficiency gains, Iceberg Tables, and tiered storage pricing were expected to have a material negative impact on consumption and revenues, despite making positive statements about the company's business. The deadline for class members to move the court to serve as lead plaintiff is April 27, 2026.

Why it matters

This lawsuit highlights the importance of full and accurate disclosure by public companies, especially regarding factors that could significantly impact their financial performance. Investors rely on this information to make informed decisions, and any failure to disclose material facts could lead to legal action and potential financial losses for the company.

The details

The class action lawsuit alleges that during the class period, Snowflake made positive statements about customer usage of and new developments for its products, while failing to disclose that product efficiency gains, Iceberg Tables, and tiered storage pricing were expected to have a material negative impact on consumption and revenues. On February 28, 2024, Snowflake announced its financial results for the fourth quarter and full fiscal year 2024, as well as guidance for the full fiscal year 2025, which included forecasts of increased revenue headwinds associated with these factors. This news caused Snowflake's stock price to decline by 18.14% on the following trading day.

  • The class period is from June 27, 2023 through the close of the market on February 28, 2024.
  • The deadline for class members to move the court to serve as lead plaintiff is April 27, 2026.

The players

Kaplan Fox & Kilsheimer LLP

A law firm that has filed the class action lawsuit against Snowflake Inc. on behalf of investors.

Snowflake Inc.

A cloud-based data warehousing company that is the defendant in the class action lawsuit.

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What they’re saying

“On February 28, 2024, Snowflake shocked investors when, after the market closed, the Company issued a press release that announced its financial results for the fourth quarter and full fiscal year 2024, as well as guidance for the full fiscal year 2025. During the subsequent earnings call, Defendant Scarpelli stated that they were forecasting increased revenue headwinds associated with product efficiency gains, tiered storage pricing and the expectation that some of their customers will leverage Iceberg Tables for their storage.”

— Defendant Scarpelli, Snowflake Executive

What’s next

The deadline for class members to move the court to serve as lead plaintiff is April 27, 2026.

The takeaway

This lawsuit underscores the importance of transparency and accurate disclosure by public companies, as investors rely on this information to make informed decisions. The allegations against Snowflake suggest that the company may have misled investors about factors that could significantly impact its financial performance, which could lead to substantial legal and financial consequences.