SPROUT SOCIAL, INC. (NASDAQ: SPT) INVESTOR ALERT: Bernstein

NEW YORK, June 4, 2024 (GLOBE NEWSWIRE) – Bernstein Liebhard LLP:

• Do you own or have you owned shares of Sprout Social, Inc. (NASDAQ: SPT)?

• Did you purchase your shares between November 2, 2023 and May 2, 2024 inclusive?

• Did you lose money on your investment in Sprout Social, Inc.?

• Would you like to talk about your rights?

Bernstein Liebhard LLP announces that a class action lawsuit has been filed on behalf of investors who purchased securities of Sprout Social, Inc. (“Sprout Social” or the “Company”) (NASDAQ: SPT) between 2 November 2023 and 2 May 2024inclusive (the “Claim Period”). The lawsuit was filed in the United States District Court for the Northern District of Illinois and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you Have purchased or acquired securities of Sprout Social and/or would like to discuss your legal rights and options please visit Class Action Lawsuit by Shareholders of Sprout Social, Inc. or contact the Investor Relations Manager Peter Allocco at (212) 951-2030 or [email protected].

According to the lawsuit, the defendants failed to disclose to investors that (1) the Company’s sales and revenue increase was not representative of the Company’s growth as it transitioned to a company-wide sales cycle, (2) the Company faced integration issues as it acquired Tagger Media, Inc., (3) the Company experienced “self-inflicted revenue declines,” and (4) as a result, the Company would adjust its fiscal year 2024 revenue guidance.

On May 2, 2024, after the market close, Sprout Social announced the Company’s operating results for the first fiscal quarter of 2024 and disclosed that the Company missed its revenue guidance for the quarter. The Company also revised its full-year 2024 revenue guidance downward by $20 million.

Following this news, Sprout Social’s share price fell $19.33, or 40.1%, to close at $28.82 per share on May 3, 2024.

If you wish to serve as lead plaintiff, you must move the Court no later than July 12, 2024. A lead plaintiff is a representative party who directs the litigation on behalf of other class members. Your ability to share in any recovery is not dependent on your serving as lead plaintiff. If you choose not to take action, you may remain an absent class member.

If you Have purchased or acquired securities of Sprout Social and/or would like to discuss your legal rights and options please visit Class Action Lawsuit by Shareholders of Sprout Social, Inc. or contact the Investor Relations Manager Peter Allocco at (212) 951-2030 or [email protected].

Since 1993 Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the firm has been retained by some of the nation’s largest public and private pension funds to oversee their assets and litigate on their behalf. Due to its success in litigating hundreds of lawsuits and class action cases, the firm has been named to the National Law Journal’s “Plaintiffs’ Hot List” thirteen times and has been listed in The Legal 500 for sixteen consecutive years.

ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertising is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Past results do not guarantee or predict a similar outcome with respect to future matters.

Contact information:

Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]