Class action lawsuit filed against Snowflake over CEO stock sales before bad news.

A class action lawsuit has been filed against Snowflake, Inc. alleging that former CEO Frank Slootman sold $223 million in stock shortly before the company disclosed significant business challenges. The lawsuit claims Slootman used a sales plan to sell shares before negative news about revenue headwinds and customer data migration impacted the stock price, which dropped over 18% after the disclosure. Investors who bought Snowflake shares between May 2023 and June 2024 are encouraged to contact the law firm before the July 21, 2026 deadline to participate in the case.