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Company, Inc.
Stock SymbolAI
Class PeriodDecember 09, 2020 to February 15, 2022
Lead Plaintiff Motion DeadlineMay 03, 2022

In December 2020, conducted its IPO, issuing 15.5 million shares of Class A common stock at $42.00 per share.

On February 16, 2022, Spruce Point Capital Management published a report alleging that has exhibited a “pattern of exaggerated business claims,” concluding that there is a high probability that C3 is overstating its numbers of paying and active customers and has exaggerated its total addressable market. Moreover, the report alleged that “there is a discrepancy in accounts receivables tied to Baker Hughes and a related increase in unbilled receivables, which suggest that may be aggressively recognizing revenues from Baker Hughes.”

On this news,'s stock fell $1.01, or 4%, to close at $24.70 per share on February 16, 2022, thereby injuring investors. By the commencement of the action,’s stock was trading below the IPO price.

The complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1)’s partnership with Baker Hughes was deteriorating; (2) was employing a flawed accounting methodology to conceal the deterioration of its Baker Hughes partnership; (3) faced challenges in product adoption and significant salesforce turnover; (4) the Company overstated, inter alia, the extent of its investment in technology, description of its customers, its total addressable market, the pace of its market growth, and the scale of alliances with its major business partners; and (5) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.

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