HGT Law Announces Investigation of Sprout Social, Inc. (NASDAQ:SPT)HGT Law announces an investigation of Sprout Social, Inc. (“Sprout Social” or the “Company”) (NASDAQ:SPT) on behalf of investors for potential violations of the federal securities laws. On May 2, 2024, Sprout Social released its financial results for the first quarter of 2024, missing the Company’s prior guidance and lowering its total expected revenue for 2024 by approximately $20 million to between $405 million and $406 million. On the same day, the Company CFO stated, “We underestimated the magnitude of enterprise seasonality that now comes with our business mix, while also self-inducing sales execution headwinds during Q1 that we believe were important to position us for future success.” Following this news, on May 3, 2024, Sprout Social’s stock price fell approximately 40% with a closing price of $28.82 per share.
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