Snowflake Hit With Investor Class Action Over Alleged Revenue Omissions and CEO Exit

Overview

• Bronstein, Gewirtz & Grossman filed a securities class action against Snowflake and certain officers on behalf of investors who bought shares from June 27, 2023 through February 28, 2024.
• The suit claims Snowflake praised demand while not disclosing that product efficiency gains, Iceberg Tables, and tiered storage pricing would lower customer usage and reduce pay-as-you-go revenue.
• The complaint also alleges executives denied rumors about CEO Frank Slootman stepping down and did not reveal that his resignation was imminent.
• Rosen Law Firm issued a separate notice inviting eligible investors to move for lead-plaintiff status by April 27, 2026.
• Both firms say investors can join without paying out of pocket because fees are contingency based, and investors do not need to be lead plaintiff to share in any recovery.