NEW YORK, July 29, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
Do you, or did you, own shares of Teradata Corporation (NYSE:TDC)?
Did you purchase your shares between February 13, 2023 and February 12, 2024, inclusive?
Did you lose money in your investment in Teradata Corporation?
Do you want to discuss your rights?
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Teradata Corporation ("Teradata" or the "Company") (NYSE:TDC) between February 13, 2023 and February 12, 2024, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Southern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you wish to serve as lead plaintiff, you must move the Court no later than August 13, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Teradata provides a connected multi-cloud data platform for enterprise analytics. To measure the Company's progress in achieving its strategic objectives, Teradata utilizes certain financial and performance metrics including Total Annual Recurring Revenue (ARR) or the annual value at a point in time of all recurring contracts, including subscription, cloud, software upgrade rights, and maintenance and, included within Total ARR, Public Cloud ARR or the annual value at a point in time of all contracts related to public cloud implementations of its cloud data platform. Thus, Teradata's Total ARR for a certain time period is determined, in significant part, by the number of customer transactions the Company is able close in that period.
Plaintiff alleges that Defendants failed to disclose that: (i) under Teradata's expanded business model, which involved engagement with additional customer business units and decisionmakers, transactions with the Company's customers took longer to finalize; (ii) Teradata overstated its ability to close customer transactions within their intended timeframes under its expanded business model; (iii) Teradata failed to timely close several customer transactions that it had factored into its outlook for 2023 ARR growth; and (iv) as a result, the Company was unlikely to meet its full year 2023 Total and Public Cloud ARR expectations.
On December 7, 2023, Chief Financial Officer Defendant Claire Bramley revealed that the Company had an eight-figure deal that potentially could get pushed out of Q4 2023, the effect of which could put Teradata towards the low end or slightly below the range for cloud ARR that it previously gave. On this news, Teradata's stock price fell $2.89 per share, or 6.24%, to close at $43.40 per share on December 7, 2023.
Then, on February 12, 2024, Teradata announced its Q4 and full year 2023 financial results. Among other things, the Company stated that due to deal timing issues, public cloud ARR increased by only 48% and total ARR increased by only 6% for the full year 2023, falling well short of the Company's previously issued expectations for these performance metrics. On this news, Teradata's stock price fell $10.57 per share, or 21.66%, to close at $38.22 per share on February 13, 2024.
If you purchased or acquired Teradata securities, and/or would like to discuss your legal rights and options please visit Teradata Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
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 largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for sixteen consecutive years.
