NEW YORK, March 06, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Manhattan Associates, Inc. (“Manhattan Associates” or the “Company”) (NASDAQ:MANH) in the United States District Court for the Northern District of Georgia on behalf of all persons and entities who purchased or otherwise acquired Manhattan Associates securities between October 22, 2024, and January 28, 2025, both dates inclusive (the “Class Period”). Investors have until April 28, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The Complaint alleges that throughout the Class Period, Defendants provided investors with material information concerning Manhattan Associates' expected revenue for the fiscal year 2025. Specifically, the Complaint alleges that Defendants' statements included, among other things, confidence in the Company's ability to forecast guidance despite macroeconomic fluctuations, the growth potential of their professional services offerings, and the ability for their cloud revenue to drive revenue for its professional services.
On January 28, 2025, Manhattan Associates issued a press release reporting its financial results for the fourth quarter and full year 2024. Among other items, the Company disclosed services revenue of $119.5 million for the quarter, growing by only 0.3% compared to the year-ago quarter and falling approximately $2 million short of the guidance provided in October 2024. Manhattan Associates attributed the results to delays in professional services work and deferred deals, predicting that the Company's services revenue would reach a low point in the first quarter of 2025 and that solid revenue growth would not resume until mid-year. Manhattan Associates further revealed emerging challenges in its services business, noting that around 10% of customers with ongoing implementations had scaled back their planned services work for the upcoming calendar and fiscal year. The Company also announced that its 2025 revenues would see modest growth of just 2% to 3%, while GAAP EPS was expected to decline by 10% to 13%. On this news, Manhattan Associates' stock price fell $72.26 per share, or 24.49%, to close at $222.84 per share on January 29, 2025. Then, on February 10, 2025, Manhattan Associates announced that Eddie Capel, Manhattan's President and Chief Executive Officer, would retire from those positions effective February 12, 2025. On this news, Manhattan Associates' stock price fell $23.20 per share, or 11.55%, to close at $177.70 per share on February 10, 2025.
If you purchased or otherwise acquired Manhattan Associates shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
