According to the Complaint, Splunk Inc. "provides innovative software solutions that ingest data from different sources including systems, devices and interactions, and turn that data into meaningful business insights across the organization." Splunk states that its "Data-to-Everything platform enables users to investigate, monitor, analyze and act on data regardless of format or source."

The Complaint alleges that during the Class Period, Defendants misrepresented and/or failed to disclose to investors that: (1) Splunk was not closing deals with its largest customers in the third fiscal quarter of 2021; (2) Splunk was not hitting the financial targets it had previously announced; and (3) as a result of the foregoing, Defendants' public statements were materially false and misleading at all relevant times.