Perion Network Ltd. (NASDAQ: PERI) is currently facing a class action securities lawsuit that seeks to recover losses of shareholders who were allegedly affected by securities fraud between February 9, 2021, and April 5, 2024. The lawsuit alleges that Perion made false statements and/or concealed certain information that impacted the company’s search advertising business and related financial results.
According to the filed complaint, Perion’s search advertising business was purportedly not a reliable and significant growth driver, but rather in decline. Additionally, the long-term relationship between Perion and Microsoft, along with their search services agreement, was allegedly unable to provide stability for Perion’s search advertising business. The complaint further suggests an increased risk of Microsoft unilaterally changing its advertising pricing and mechanisms to the detriment of Perion while the search services agreement was in place.
Moreover, the lawsuit claims that Perion’s AI technology and Microsoft’s investment in ChatGPT, a form of generative AI, were insufficient to protect or grow Perion’s search advertising revenue. The complaint argues that based on these factors, the defendants lacked a reasonable basis for their positive statements about Perion’s search advertising business and its related financial results, growth, and prospects.
Shareholders who suffered losses in Perion Network stock during the relevant time frame are encouraged to learn about their rights to seek a recovery. Even if shareholders still hold their shares, they can visit the provided link to access more information and participate in the recovery process at no cost or obligation.
Levi & Korsinsky LLP, a nationally-recognized securities litigation firm, is representing aggrieved shareholders in this case. With over 20 years of experience, the firm has secured hundreds of millions of dollars for its clients and has a proven track record of winning high-stakes cases. Levi & Korsinsky’s expertise in complex securities litigation, along with its dedicated team of over 70 employees, ensures that shareholders receive effective representation.
It is important to note that the allegations made in the lawsuit are yet to be proven in court, and the defendants are entitled to a fair legal process. Shareholders and interested parties are advised to consult with legal professionals for further guidance.
Perion Network Ltd. is a technology company that specializes in delivering advertising solutions and search monetization to brands and publishers. The company’s innovative approach and strategic partnerships have positioned it as a key player in the digital advertising industry.
As the legal proceedings unfold, Perion Network will likely continue to focus on its core business operations and explore opportunities for growth and innovation. The company’s commitment to providing effective advertising solutions and leveraging cutting-edge technologies remains unchanged.
In conclusion, Perion Network is facing a class action lawsuit alleging securities fraud, with shareholders seeking to recover their losses. Levi & Korsinsky LLP, a reputable securities litigation firm, is representing the aggrieved shareholders in this case. As the legal process progresses, Perion Network will continue to prioritize its advertising solutions and explore avenues for growth in the dynamic digital advertising landscape.