Snowflake Investors Seek Class Action Lawsuit

Robbins Geller Rudman & Dowd LLP announces opportunity for Snowflake investors to lead class action lawsuit.

Mar. 18, 2026 at 11:39pm

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Investors who purchased Snowflake Inc. (NYSE: SNOW) Class A common stock between June 27, 2023 and February 28, 2024 have until April 27, 2026 to seek appointment as lead plaintiff in a class action lawsuit against the company and certain former executives. The lawsuit alleges Snowflake made false and/or misleading statements about the negative impact of product efficiency gains, Iceberg Tables, and tiered storage pricing on the company's revenues and ability to reach $10 billion in revenue by 2029.

Why it matters

This class action lawsuit represents a significant legal challenge for Snowflake, a leading cloud-based data platform provider. The allegations, if proven, could have major financial and reputational consequences for the company and its leadership. The outcome of the case could also impact investor confidence in Snowflake and the broader technology sector.

The details

The class action lawsuit, captioned Patel v. Snowflake Inc., No. 26-cv-01613 (N.D. Cal.), alleges that Snowflake and certain former executives violated the Securities Exchange Act of 1934 by making false and/or misleading statements about the expected negative impact of product efficiency gains, Iceberg Tables, and tiered storage pricing on the company's revenues and growth projections. On February 28, 2024, Snowflake disclosed that it was forecasting increased revenue headwinds from these factors, causing the stock price to drop more than 18%.

  • The class period is from June 27, 2023 to February 28, 2024 (4:00 p.m. EST).
  • Investors have until April 27, 2026 to seek appointment as lead plaintiff.

The players

Snowflake Inc.

A cloud-based data platform provider.

Robbins Geller Rudman & Dowd LLP

A law firm representing investors in securities fraud and shareholder rights litigation, and the firm leading the Snowflake class action lawsuit.

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What’s next

The judge will decide on April 27, 2026 whether to allow investors to serve as lead plaintiff in the class action lawsuit against Snowflake.

The takeaway

This class action lawsuit highlights the legal risks and potential financial consequences that technology companies like Snowflake face when investors allege they have made false or misleading statements about their business performance and growth prospects. The outcome of the case could significantly impact Snowflake's reputation and future prospects.