NEW YORK, NY - 
(NewMediaWire) - July 22, 2024 - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) reminds investors that a complaint has been filed on behalf of investors that purchased or otherwise acquired the securities of Teradata Corporation (“Teradata” or the “Company”) (NYSE: TDC) between February 13, 2023 and February 12, 2024 (the “Class Period”).
Deadline Reminder: If you are a member of the proposed Class, you may move the court no later than August 13, 2024 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process.
On February 13, 2023, the start of the Class Period, Teradata issued a press release reporting its fourth quarter and full year 2022 financial results that stated, among other things, that Teradata’s "Public cloud [Annual Recurring Revenue] is expected to increase in the range of 53% to 57% year-over-year. . . .”
On December 7, 2023, at a Barclays Global Technology Conference, Teradata's CFO allegedly revealed that Teradata had "an eight-figure deal that potentially [. . .] could get pushed out [of Q4 2023]," the effect of which "could put [the Company] towards the low end or slightly below the range for cloud ARR that [it] previously gave." Following this news, Teradata's stock price fell $2.89 per share, or 6.24%, from a close of $46.29 per share on December 6, 2023, to close at $43.40 per share on December 7, 2023.
Then, on February 12, 2024, according to the complaint, Teradata announced its fourth quarter and full year 2023 financial results, including that public cloud ARR increased by only 48% for full year 2023, falling well short of the company's previously issued guidance for ARR in the range of 53% to 57%. During the conference call held the same day, Teradata's CEO attributed these disappointing results to "deal timing issues" and further disclosed that these dynamics caused a number of transactions to move into 2024. Specifically, Teradata’s CEO stated that “there [were] a handful of large deals that slipped out of December, and each were worth $2 million or more of cloud ARR growth.” Following this news, Teradata's stock price fell $10.57 per share, or 21.66%, from a close of $48.79 per share on February 12, 2024, to close at $38.22 per share on February 13, 2024.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
