Snowflake Inc.

USDC – Northern District of California

february 25, 2026

CLASS PERIOD: june 27, 2023 – february 28, 2024
LEAD PLAINTIFF DEADLINE: april 27, 2026

Please complete the form below to contact Kaplan Fox regarding the Snowflake Class Action:

Principal Contacts

Jason A. Uris

JUris@kaplanfox.com

Laurence D. King

LKing@kaplanfox.com

• Complaint

Kaplan Fox Files Class Action to Recover Losses for Investors Who Purchased Snowflake Inc. Common Stock (NYSE: SNOW) And Announces Opportunity for Investors with Substantial Losses to Lead Case

Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a class action suit in the United States District Court for the Northern District of California against Snowflake Inc. (“Snowflake” or the “Company”) (NYSE: SNOW); Frank Slootman, the Company’s former Chief Executive Officer and Chairman; and Michael P. Scarpelli, the Company’s former Chief Financial Officer (“Defendants”).

The Complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the SEC, and is brought by plaintiff on behalf of all persons and entities who purchased the Snowflake Class A common stock during the period June 27, 2023 through the close of the market on February 28, 2024 (4:00 p.m. ET), inclusive (the “Class Period”).

If you are a member of the proposed Class, you may move the court no later than April 27, 2026 to serve as a lead plaintiff for the proposed Class.  You need not seek to become a lead plaintiff in order to share in any possible recovery.

If you suffered substantial losses and wish to serve as lead plaintiff, please e-mail attorneys Jason A. Uris (juris@kaplanfox.com) or Laurence D. King (lking@kaplanfox.com), or contact them by phone, regular mail, or fax, or click here.

The Complaint alleges that during the Class Period, Defendants repeatedly made positive statements about the state of its business, including positive statements about customer usage of, and new developments for, its products.  At the same time, Defendants failed to disclose that: (1) product efficiency gains, Iceberg Tables and tiered storage pricing were expected to have a material negative impact on consumption and revenues, and (2) as a result, Defendants’ positive statements about consumption patterns, revenues, and demand for Snowflake products lacked a reasonable basis.  The Complaint further alleges that during the Class Period, Defendants denied rumors of Defendant Slootman’s resignation and failed to disclose that Defendant Slootman’s resignation was impending.

On February 28, 2024, Snowflake shocked investors when, after the market closed, the Company issued a press release and filed a report with the SEC on Form 8-K that disclosed its financial results for the quarter ended January 31, 2024 and full fiscal year 2024. On that same day, during a conference call with investors and analysts after the disclosure of Snowflake’s financial results, Defendant Scarpelli stated that they were forecasting increased revenue headwinds associated with product efficiency gains, tiered storage pricing and the expectation that some of their customers will leverage Iceberg Tables for their storage.  On that same day, Snowflake also issued a press release and filed a report with the SEC on Form 8-K that disclosed that effective February 27, 2024, Frank Slootman retired as Chief Executive Officer of Snowflake Inc.

On this news, the price of Snowflake’s Class A common stock declined $41.72, or 18.14%, from a closing price of $230.00 per share on February 28, 2024, to close at $188.28 per share on February 29, 2024.

Plaintiff seeks to recover damages on behalf of the proposed Class and is represented by Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com).  Our firm, with offices in New York, Oakland, California, Los Angeles, Chicago, and New Jersey, has decades of experience in prosecuting investor class actions and actions involving violations of the Federal securities laws.

Under the Private Securities Litigation Reform Act of 1995, the court will generally appoint the movant with the greatest financial interest in the relief sought by the proposed class who is also a typical and adequate representative of the proposed class.  Any investor who purchased or acquired Snowflake Class A common stock during the Class Period may seek appointment as lead plaintiff.  The lead plaintiff can select a law firm of its choice to litigate the lawsuit. 

If you have any questions about this Notice, the action, your rights, or your interests, or would like a copy of the Complaint, please e-mail attorneys Jason A. Uris (juris@kaplanfox.com) or Laurence D. King (lking@kaplanfox.com), or contact them by phone, regular mail, or fax: