According to the Complaint, Defendants failed to disclose to investors that: (1) Perion’s search advertising business was not a reliable and significant growth driver and was in fact in decline; (2) Perion’s long-term relationship with Microsoft and search services agreement would not provide stability for Perion’s search advertising business; (3) there was an increased risk of Microsoft acting to unilaterally change its advertising pricing and mechanisms to the detriment of Perion; and (4) Perion’s AI technology and Microsoft’s investment in ChatGPT would not protect or grow Perion’s search advertising revenue.

On April 8, 2024, Perion revealed that “[i]n the first quarter of 2024, Perion experienced a decline in search advertising activity, attributable to changes in advertising pricing and mechanisms implemented by Microsoft Bing in its Search Distribution marketplace.”  The Company also revealed that for the full 2024 year, it now expected revenue in the range of $590 million to $610 million, down significantly from the prior guidance range of $860 to $880 million the Company gave on February 7, 2024.

On this news, Perion’s stock price fell $8.616 per share, or over 40%, to close at $12.50 per share on April 8, 2024.

If you wish to serve as lead plaintiff, you must move the Court no later than June 17, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

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