A securities class action has been filed against Perion Network Ltd. (PERI) on behalf of all those who purchased, or otherwise acquired, Perion common stock between February 9, 2021 through April 5, 2024.  This case has been filed in the USDC – S.D.N.Y.

On April 8, 2024, Perion issued a press release announcing preliminary financial results for the first quarter of 2024 and updated full year 2024 guidance, revealing 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.” Perion further revealed that “[t]hese adjustments led to a reduction in Revenue Per Thousand Impressions (RPM) for both Perion and other Microsoft Bing distribution partners” and “contributed to decreased search volume.” The Company also revealed that for the full 2024 year, it now expects revenue in the range of $590 million to $610 million, down 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 $8.61 per share, or approximately 40%, to close at $12.50 per share on April 8, 2024.