Shareholder rights law firm Robbins LLP is investigating C3.ai, Inc. (NYSE: AI) and its officers and directors to determine if they breached their fiduciary duties and violated securities laws in connection with the Company's initial public offering ("IPO"). C3.ai operates as an enterprise artificial intelligence ("AI") software company.

If you would like more information about our investigation of C3.ai, Inc., click here.

What Is This Case About: C3.ai went public on December 9, 2020, offering shares at $42.00 per share. Defendants - in the Offering Documents in support of the Company's IPO and during the class period - touted the Company's relationships with technology leaders, including Baker Hughes, and its "large and rapidly growing [total addressable] market," among other things.

However, these statements were false and misleading. Specifically, defendants and the Offering Documents failed to disclose that: (i) C3.ai's partnership with Baker Hughes was deteriorating and that the Company employed a flawed accounting methodology to conceal the deterioration of the partnership, (ii) C3.ai faced challenges in product adoption and significant salesforce turnover; and (iii) C3.ai overstated, inter alia, the extent of its investment in technology, description of its customers, its total addressable market, the pace of its growth, and the scale of alliances with its major business partners.

On February 22, 2022, Spruce Point Capital Management issued a report alleging it had uncovered "[e]vidence of a severely challenged partnership with Baker Hughes, a related party and C3.ai's largest customer" and "[s]igns of problematic financial reporting and accounting regarding the Baker Hughes joint venture and a revolving door in C3.ai's Chief Financial Officer position." The report further detailed, "[c]hallenges in product adoption and significant salesforce turnover make it unlikely that C3.ai will meet aggressive analyst estimates," as well as "[w]orrisome corporate governance practices and insider enrichment." On this news, C3.ai's stock price fell $1.01 per share, or almost 4%, on February 16, 2022. The stock trades significantly below the offering price of $42.00 per share.

Next Steps: If you acquired shares of C3.ai, Inc. (AI) pursuant to the Company's IPO or between December 9, 2020 and February 15, 2022, you have legal options. Contact us for more information.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas

(800) 350-6003

adumas@robbinsllp.com

Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against C3.ai, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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