(MENAFN- GlobeNewsWire - Nasdaq)
PHILADELPHIA, March 26, 2023 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against C3.ai, Inc. (“C3”) (NYSE: AI) on behalf of certain investors who purchased shares of the Company's stock between December 9, 2020, and December 2, 2021.
On or about December 9, 2020, C3 completed its initial public offering (“IPO”) of common stock, selling 15.5 million shares of stock to investors at a price of $42.00 per share.
The class action complaint alleges that the Company's IPO materials filed with the U.S. Securities and Exchange Commission (“SEC”), as well as certain statements made following the IPO, contained false and misleading statements and material omissions regarding (i) C3's most important strategic partnership with oil and gas monolith Baker Hughes, and (ii) C3's salesforce.
As further detailed in the complaint, on December 1, 2021, C3's CEO Thomas Siebel“revealed, for the first time, that C3 had secretly reorganized its direct salesforce in July , only to restructure again in the last month of the quarter (essentially admitting that management was materially concerned with the salesforce by July).” Additionally, Siebel“revealed that C3 did not have access to Baker Hughes' enormous 12,000-person salesforce nor its deep expertise. Rather, Baker Hughes and C3 had formed a separate, discrete unit called Baker Hughes C3, which had some undisclosed number of salespeople without the required expertise.” Following these disclosures, shares of C3's common stock declined $3.13 per share, to close on December 1, 2021 at $33.83 per share.
Current C3 stockholders who purchased or acquired shares of the Company's stock prior to July 1, 2021 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by email ( / ) or online at , to receive additional information about this action and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis. For additional information about Kaskela Law LLC please visit . This notice may constitute attorney advertising in certain jurisdictions.
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
Tags class action