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Perion Network Ltd. Investors Alert: Lead Plaintiff Deadline Approaching in Securities Class Action Lawsuit

NEW ORLEANS, May 17, 2024 /PRNewswire/ -- ClaimsFiler, a well-regarded free shareholder information service, has issued an important reminder to investors. Those who have procured shares of Perion Network Ltd. (NasdaqGS: PERI) have until June 17, 2024, to submit lead plaintiff applications in a pivotal securities class action litigation. The lawsuit pertains to shareholders who bought or otherwise obtained Perion's shares during the period from February 9, 2021, to April 5, 2024, also referenced as the "Class Period". This significant legal proceeding is currently in progress at the United States District Court for the Southern District of New York.

Urgent Guidance for Perion Investors

Investors with stakes in Perion should promptly visit the dedicated assistance page at ClaimsFiler's Perion case page for detailed information and support. Alternatively, they can contact the toll-free number (844) 367-9658 for immediate help. The legal team at Kahn Swick & Foti, LLC is on standby to discuss potential legal options with affected individuals in detail.

Comprehensive Lawsuit Details

Perion Network Ltd., along with certain of its executives, has come under legal scrutiny for allegedly concealing crucial information from its investors during the designated Class Period, thereby infringing upon federal securities laws. Such charges raise serious concerns about the ethical conduct and the transparency of the company’s communication with its shareholders.

The crux of these accusations became apparent on April 8, 2024. On that day, the company, widely recognized for its substantial partnership with Microsoft—its primary search partner and the most notable source of revenue—disclosed an unexpected downturn in its revenue forecasts and adjusted EBITDA projections for the first quarter of 2024. Further compounding investor worries, Perion also projected a stark reduction in its full-year guidance for 2024, with revenues ranging between $590 million to $610 million. This represented a concerning decrease of nearly 19% year over year. This was in stark contrast to initial forecasts, which touted growth prospects of 17% year over year, with revenue estimates situated comfortably between $860 million to $880 million. The revisions were primarily attributed to substantial alterations in Microsoft Bing's search advertising pricing structures and mechanisms.

The revelation of the aforementioned news incurred an immediate and severe impact on the market value of Perion's shares. The price plummeted by $8.61 per share on April 8, 2024, a devastating decline that equated to roughly 40% of its value. This dramatic fall in share price underscored the sensitive nature of the financial information withheld from shareholders and its material impact when eventually disclosed.

The ongoing case is officially cited as 'Beisner v. Perion Network Ltd., et al., case number 24-cv-02860', which investors need to reference when seeking information about the lawsuit.

About ClaimsFiler

ClaimsFiler stands with a singular, focused mission: to act as a beacon of information, empowering retail investors to claim their rightful portion of the billions of dollars allocated for securities class action settlements. At their sophisticated digital platform, ClaimsFiler.com, investors may register at no cost to access pertinent information and websites related to various securities class action lawsuits. This service ensures that they can submit their claims on time and without hassle.

Furthermore, ClaimsFiler offers a suite of investor-friendly tools. Investors have the option to upload transactional data from their investment portfolios, which enables ClaimsFiler to instantly notify them about securities cases that might have a financial bearing on their investments. Additionally, ClaimsFiler extends an open hand to investors by offering the opportunity to make inquiries to the Kahn Swick & Foti, LLC law firm, which provides free case evaluations — a service that can prove invaluable in determining the viability of an investor's case.

For a more in-depth understanding of the claims filing process and to learn the array of services offered by ClaimsFiler, investors and interested parties are encouraged to journey to www.claimsfiler.com.

SOURCE ClaimsFiler

ClaimsFiler, the issuer of this news release, is the ultimate source for the aforementioned information, providing clarity and assistance to individuals significantly affected by corporate discrepancies and legal proceedings linked to the securities market. Their foundational purpose remains to be a guiding force in facilitating a smooth path for investors seeking remediation through class action lawsuits.

In Concluding Remarks

The current state of affairs represents a critical period for investors of Perion Network Ltd. The impending June deadline for lead plaintiff applications requires immediate attention from affected shareholders. It is paramount for those who have witnessed a diminishing of their investment value, precipitated by the turbulent events that unfurled on April 8, to actively seek out counsel and understand the legal avenues available to them.

As the case against Perion Network Ltd. gains momentum, the spotlight shines on the importance of corporate transparency and the responsibility that executives hold in the dissemination of material information to their investors. In the world of investment, where fortunes can pivot on the strength of a company's integrity, it becomes essential for all entities involved to uphold a standard of honesty and forthrightness.

The avenue provided by ClaimsFiler to register for settlement information, upload portfolio data for case notifications, and avail of free legal evaluations is a testament to the available resources that aim to preserve the rights and investments of the individual shareholder.

While the encounter with Perion represents a challenging episode, it serves as a reminder of the broader picture of the securities market. It is indeed complex and fraught with uncertainties. However, within such complexity lies the unfaltering dedication of institutions like ClaimsFiler and Kahn Swick & Foti, LLC, which work tirelessly to ensure that fairness and just compensation are not mere ideals, but practiced realities for the small-scale investor.

As the situation develops and as the deadline for plaintiff applications draws closer, ClaimFiler's mission to disseminate critical information will continue to be a pivotal piece in the puzzle for those seeking to participate in the securities class action against Perion Network Ltd.

In light of the substantial impact this case may have on the wider investor community and possibly on the business practices within the industry itself, observer analysts, investors, and legal experts will be closely monitoring the outcome of 'Beisner v. Perion Network Ltd., et al.'

Contact Information

For shareholders who seek further clarification on the lawsuit, the procedures to become a lead plaintiff, or wish to discuss their legal rights and options, ClaimsFiler's representatives and the team at Kahn Swick & Foti, LLC can be reached through the information provided on their respective websites.

In summary, while the allegations against Perion Network Ltd. hearken to issues surrounding corporate governance and transparency, the efforts of organizations like ClaimsFiler shine a beacon of hope for shareholders in navigating the often-turbulent waters of securities and class action litigation. Such guidance serves as a critical tool in the armory of the individual investor to protect and potentially recover investments when corporate misconduct is suspected.

The detailed knowledge of the case particulars, the clarity in communication, and the access to supportive legal counsel are the pillars upon which investors can lean upon in seeking justice. Shareholders of Perion Network Ltd., or any other company facing similar litigation, are reminded that time is of the essence. As the June 17, 2024 deadline approaches, it is crucial not to delay in seeking the necessary information and legal advice.

In conclusion, the situation enclosing Perion Network Ltd. brings to the forefront the ever-present need for transparency and accountability from public companies to their shareholders. It underscores the crucial role of legal advocates and information services that provide a voice and act as a conduit for the retail investor. As this scenario unfolds, the service provided by ClaimsFiler, and the support offered by the law firm Kahn Swick & Foti, LLC, will indubitably be indispensable assets for those affected by the changes in Perion's financial outlook.

The case, its ramifications, and the potential for recompense through the legal system, serve as potent reminders of the protective mechanisms in place for investors. With the pivotal date of June 17, 2024, looming, it is imperative that shareholders take prompt action to protect their interests, ensuring that their voices are heard in the court of law, where the force of justice aligns with the rightful concerns of the investing public.