NEW YORK--(BUSINESS WIRE)--Feb 25, 2026--
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Snowflake Inc. (“Snowflake” or the “Company”) (NYSE: SNOW) and reminds investors of the April 27, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) product efficiency gains, Iceberg Tables and tiered storage pricing were expected to have a material negative impact on consumption and revenues1 , and (2) as a result, Defendants’ positive statements about consumption patterns, revenues, and demand for Snowflake products lacked a reasonable basis.
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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Snowflake’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Snowflake class action, go to www.faruqilaw.com/SNOW or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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SNOW DEADLINE ALERT: Faruqi & Faruqi, LLP Reminds Snowflake (SNOW) Investors of Securities Class Action Deadline on April 27, 2026
LOS ANGELES (AP) — The FBI served search warrants Wednesday at the Los Angeles Unified School District’s headquarters and the home of its leader, a former Superintendent of the Year who was knighted by Spain for his work.
Federal officials would not give details of the nature of the investigation involving the nation’s second-largest school district and Superintendent Alberto Carvalho’s home. The district said in a statement that it “is cooperating with the investigation and we do not have further information at this time.” The FBI also searched a third location near Miami, where Carvalho previously led the public schools.
TV news footage showed agents in FBI shirts and jackets outside Carvalho’s home in the San Pedro neighborhood about 20 miles (32 kilometers) south of downtown LA.
Rukelt Dalberis, a spokesperson for the FBI’s Los Angeles field office, confirmed that agents were at the properties to serve warrants but declined to comment further because affidavits laying out details for the basis for the searches were under seal.
Over the past five years in Los Angeles, Carvalho has been lauded for the district's improvements to academic performance. He won similar praise while overseeing Miami-Dade County Public Schools, Florida’s largest school district, where the national superintendents association named him Superintendent of the Year in 2014.
But both districts also drew scrutiny under his watch.
In 2024, Carvalho heavily touted an education technology company that developed an AI chatbot named “Ed” for the Los Angeles district to help students, calling it “a game changer." But less than three months after unveiling the technology and paying the company $3 million, the district dropped its dealings with AllHere, which collapsed into bankruptcy. Months later, founder, Joanna Smith-Griffin, was charged with securities and wire fraud, along with identity theft.
Carvalho denied personal involvement in the selection of AllHere, according to the Los Angeles Times. After Smith-Griffin was indicted, Carvalho said he would appoint a task force to examine what went wrong with the LAUSD project. There have been no announcements of any task force being appointed.
During his tenure in Florida, Carvalho also drew scrutiny in 2020 after a nonprofit he founded solicited a $1.57 million donation from an online education company the district was planning to use but later dropped. The district’s inspector general determined the donation didn’t violate state or district ethics policies but did create the “ appearance of impropriety ” and should be returned. The nonprofit instead distributed the donation to Miami-Dade teachers in $100 gift cards.
Spain knighted the Portugal-born administrator in 2021 for his work in expanding Spanish-language programs for Miami-Dade County schools.
Months later, Carvalho took the job in California and became a harsh critic of the Trump administration’s aggressive immigration crackdown, especially following raids in Los Angeles last year. When its 500,000 students returned to classes in the fall, Carvalho urged immigration authorities not to conduct enforcement activity within a two-block radius of schools.
“I would be the biggest hypocrite in the world, regardless of my position today, if today I did not fight for those who find themselves in the same predicament I faced over 40 years ago when I arrived in this country at the age of 17 as an undocumented immigrant,” Carvalho said at a news conference last year.
Carvalho arrived in Los Angeles at a critical moment, as the district found itself flush with funding from state and federal COVID-19 relief money but still struggling with the impacts of the pandemic, including learning losses and declining enrollment. He previously sparred with Florida Republican Gov. Ron DeSantis over his order that schools not require masks during the pandemic.
The Miami-Dade school system said in a statement that it was aware of the investigation involving Carvalho but did not have any comment at this time.
James Marshall, an FBI spokesman in Miami, told the AP that agents searched a residence in Southwest Ranches, which is in Broward County west of Fort Lauderdale, on Wednesday morning and “have since cleared the scene.” He said no further information was available.
Wednesday's search was the second time in a week the Justice Department has taken action against the LA school district. On Feb. 19, the Trump administration joined a lawsuit alleging that the district discriminates against white students under its decades-old desegregation policy.
Los Angeles Mayor Karen Bass’s office said it had no information about the search, noting the public school system operates independently of city government.
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Tucker reported from Washington and Watson from San Diego. Associated Press writer Freida Frisaro in Fort Lauderdale, Florida, also contributed to this report.
The exterior of the home of Los Angeles Unified School District Superintendent Alberto Carvalho is shown on Wednesday, Feb. 25, 2026, in San Pedro, Calif. (AP Photo/William Liang)
Media stage outside the home of Los Angeles Unified School District Superintendent Alberto Carvalho on Wednesday, Feb. 25, 2026, in San Pedro, Calif. (AP Photo/William Liang)
The exterior of LAUSD headquarters is shown Wednesday, Feb. 25, 2026, in Los Angeles. (AP Photo/Damian Dovarganes)
Media stage outside the home of Los Angeles Unified School District Superintendent Alberto Carvalho on Wednesday, Feb. 25, 2026, in San Pedro, Calif. (AP Photo/William Liang)
outside the home of Los Angeles Unified School District Superintendent Alberto Carvalho on Wednesday, Feb. 25, 2026, in San Pedro, Calif. (AP Photo/William Liang)
Photos of board members decorate the walls inside LAUSD headquarters Wednesday, Feb. 25, 2026, in Los Angeles. (AP Photo/Damian Dovarganes)
The exterior of LAUSD headquarters is shown Wednesday, Feb. 25, 2026, in Los Angeles. (AP Photo/Damian Dovarganes)
The exterior of LAUSD headquarters is shown Wednesday, Feb. 25, 2026, in Los Angeles. (AP Photo/Damian Dovarganes)
People stand in the lobby of the LAUSD headquarters Wednesday, Feb. 25, 2026, in Los Angeles. (AP Photo/Damian Dovarganes)
Media stages outside LAUSD headquarters Wednesday, Feb. 25, 2026, in Los Angeles. (AP Photo/Damian Dovarganes)
FILE - Los Angeles District Superintendent Alberto Carvalho, at podium, holds a news conference as SEIU Local 99 Executive Director Max Arias, left, and Los Angeles Mayor Karen Bass, right, listen, in Los Angeles City Hall, Friday, March 24, 2023. (AP Photo/Damian Dovarganes, File)
