AI ALERT 3-DAY DEADLINE: Hagens Berman, National Trial

SAN FRANCISCO, April 30, 2022 (GLOBE NEWSWIRE) — Hagens Berman urges C3.ai, Inc. (NYSE:IA) investors with significant losses to submit your losses now. A class action lawsuit for securities fraud has been filed and investors with significant losses have the opportunity to pursue the case.

Class period: December 9, 2020 – February 15, 2022
Lead Applicant Deadline: May 3, 2022
To visit: www.hbsslaw.com/investor-fraud/AI
Contact a lawyer now: [email protected]
844-916-0895

C3.ai, Inc. (AI) Securities Fraud Class Action:

The dispute relates to statements by C3.ai’s senior management regarding the company’s customers before and after the company’s December 2020 IPO, including, but not limited to, their repeated touting. relationships with Baker Hughes and others, saying these relationships support investors’ expectations of future revenue visibility.

The lawsuit alleges that the defendants made false and misleading statements and/or failed to disclose that: (1) C3.ai’s partnership with Baker Hughes was deteriorating; (2) the company used faulty accounting methodology to conceal its partnership with Baker Hughes; (3) the company encountered difficulties in adopting the product; and, (4) the company overestimated among others the extent of its investment in technology, the description of its customers, its total addressable market (“TAM”), the rate of growth of its market and the extent of alliances with its major commercial partners.

The lawsuit alleges that the truth began to emerge on February 16, 2022, when the analyst Spruce Point Capital Management published a report titled “Real Intelligence: Sell C3.ai” concluding that the price of C3.ai shares has a downside risk of 40% to 50%. Among others, spruce tip alleged that he discovered “[s]signs of problematic financial reporting and accounting for the Baker Hughes joint venture and a revolving door in C3.ai’s CFO role,” spruce tip also found “numerous discrepancies” regarding “the cumulative value and investments made by C3.ai in its technology, customer description, [TAM]the pace of market growth and the extent of alliances with companies such as Microsoft, Hewlett Packard Enterprises, Google Cloud, Intel and Amazon Web Services.

A little after spruce point analysis, C3.ai’s CFO (Adeel Manzoor) has resigned after 3 months on the job, and Deutsche Bank analysts have reportedly reduced their rating to “sell”, citing lack of senior management stability as increasing risk around financial information.

“We are focused on the losses to investors and evidence that C3.ai engaged in accounting fraud,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you have invested in C3.ai, or have knowledge that can help the company’s investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: People with nonpublic information regarding C3.ai should consider their options to help with the investigation or take advantage of the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30% of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected]

About Hagens Berman
Hagens Berman is a global complex plaintiffs’ rights litigation law firm, focusing on corporate liability through class action law. The firm is home to a strong securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases that achieve real results for those harmed by negligence and fraud. of business. To learn more about the firm and its successes, visit hbsslaw.com. Follow the firm for updates and news on @ClassActionLaw.

Contact:
Reed Kathrein, 844-916-0895

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