Levi & Korsinsky LLP
04/13/2026 | Press release | Distributed by Public on 04/13/2026 08:08
Iceberg Ahead: Lawsuit Claims Snowflake Downplayed Major Revenue Threats
Snowflake Inc. told investors the growth story was still intact. Consumption was stabilizing. $10 billion in product revenue by 2029 was still the goal.
But behind the scenes, cracks were forming.
On June 27, 2023, executives assured investors usage was "back where we'd expect it to be." Through August and November, they repeated that consumption was strong and new products would drive growth.
What they didn't highlight? Product efficiency gains, tiered storage pricing, and new Iceberg tables were expected to create revenue headwinds - reducing storage growth and pressuring consumption.
Then came February 28, 2024. Snowflake lowered its fiscal 2025 outlook, withdrew its external $10 billion product revenue target for 2029, and warned of mounting revenue headwinds. The next day, the stock plunged about 18%, wiping out billions in value.
Investors were stunned. Confidence cracked.
Now, more shareholders are joining the lawsuit.
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