SAN DIEGO, April 25, 2024 (GLOBE NEWSWIRE) -- DiCello Levitt LLP announces that purchasers or acquirers of Perion Network Ltd. (“Perion Network” or the “Company”) (NASDAQ: PERI) common stock between February 9, 2021 and April 5, 2024, inclusive (the “Class Period”) have until June 17, 2024 to seek appointment as lead plaintiff of the Perion class action lawsuit. The Perion lawsuit charges the Company and certain current and former senior executive officers with violations of the federal securities laws.
If you purchased shares of Perion common stock between February 9, 2021 and April 5, 2024, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, you may submit your information here: https://dicellolevitt.com/securities/perion-network/
You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Case Allegations: The Perion lawsuit alleges that Defendants made false and/or misleading statements, including that: (i) Perion’s search advertising business was not a reliable and significant growth driver and was in fact in decline; (ii) Perion’s long-term relationship with Microsoft and its search services agreement would not provide stability for Perion’s search advertising business; (iii) there was an increased risk of Microsoft acting to unilaterally change its advertising pricing and mechanisms to the detriment of Perion while the search services agreement was in place; and (iv) Perion’s Artificial Intelligence technology and Microsoft’s investment in ChatGPT would not protect or grow Perion’s search advertising revenue.
As alleged in the lawsuit, on April 8, 2024, before the market opened, 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.” Perion also announced that it now expects revenue in the range of $590 million to $610 million for the full 2024 year, down from the prior guidance range of $860 to $880 million the Company gave on February 7, 2024.
On this news, the price of Perion common stock plummeted $8.61 per share, or approximately 40%, falling from $21.11 per share to close at $12.50 on April 8, 2024.
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