SHAREHOLDER ALERT: Law firm Pomerantz reminds shareholders who suffered losses on their investment in, Inc. of the class action lawsuit and upcoming deadline – AI

NEW YORK, NY/ACCESSWIRE/March 6, 2022/ Pomerantz LLP announces that a class action lawsuit has been filed against, Inc. (“” or the “Company”) (NYSE: AI) and certain of its officers. The class action, filed in the United States District Court for the Northern District of California and registered as 22-cv-01413, is on behalf of a class consisting of all persons and entities other than defendants who have purchased or otherwise acquired: (a) Class A Ordinary Shares pursuant to and/or traceable to the offering documents issued in connection with the Company’s initial public offering completed on or about December 9, 2020 (l ‘IPO’ or the ‘Offer’); and/or (b) securities between December 9, 2020 and February 15, 2022, both dates inclusive (the “Class Period”). Plaintiff is pursuing claims against defendants under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a Shareholder who has purchased or otherwise acquired Class A Ordinary Shares pursuant to and/or traceable to the IPO; and/or securities during the class period, you have until May 3, 2022 to ask the court to name you as the lead plaintiff for the class. A copy of the complaint can be obtained at To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those making inquiries by e-mail are encouraged to include their mailing address, phone number and number of shares purchased.

[Click here for information about joining the class action] operates as an enterprise artificial intelligence (“AI”) software company. The Company offers a variety of enterprise software-as-a-service applications and integrated turnkey enterprise software solutions and AI applications for the oil and gas, chemical, utility, manufacturing, financial services, defense, intelligence, aerospace, healthcare and telecommunications. segments. The Company also claims to have strategic partnerships with Baker Hughes related to the oil and gas markets; SIF related to financial services markets; Raytheon; and AWS, Intel and Microsoft.

The complaint alleges that the offering documents were negligently prepared and, as a result, contained misrepresentations of material facts or failed to state other facts necessary to ensure that the statements made were not misleading and did not been prepared in accordance with the rules and regulations governing their preparation. . In addition, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, the Offering Documents and the Defendants made false and/or misleading statements and/or failed to disclose that: (i)’s partnership with Baker Hughes was deteriorating; (ii) used faulty accounting methodology to conceal the deterioration of its partnership with Baker Hughes; (iii) faced challenges with product adoption and high sales force turnover; (iv) the Company overestimated, among other things, the extent of its investments in technology, the description of its customers, its total addressable market, the rate of growth of its market and the extent of alliances with its main commercial partners ; and (v) as a result, the Company’s public statements were materially false and misleading at all material times.

On February 16, 2022, during the pre-market hours, Spruce Point Capital Management (“Spruce Point”) released a robust research report and advisory regarding (the “Spruce Point Report”). Specifically, Spruce Point claimed to have discovered, among other things, “[e]evidence of a strongly contested partnership with Baker Hughes, a related party and’s largest customer”;”[s]signs of problematic financial reporting and accounting regarding the Baker Hughes joint venture and a revolving door in’s CFO position”; that “[c]difficulties in product adoption and high sales force turnover make unlikely to meet aggressive analyst estimates.”[e]evidence of exaggerated or irreconcilable claims made by[,]”including “numerous discrepancies” regarding “the value and cumulative investment has made in its technology, description of its customers, total addressable market, rate of market growth, and extent of alliances with companies such as Microsoft, Hewlett Packard Enterprises, Google Cloud, Intel and Amazon Web Services”; and “[w]tedious corporate governance practices and insider enrichment. As a result, Spruce Point “conservatively estimates[d] 40% – 50% downside risk of share price.”

Following the release of the Spruce Point report,’s stock price fell $1.01 per share, or 3.93%, to close at $24.70 per share on February 16, 2022.

At the time this complaint was filed, the price of Class A common stock continues to trade below the offering price of $42.00 per share, hurting investors.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. To see


See the source version on and-next-deadline–IA

Comments are closed.