C3.ai, Inc. (AI) Securities Class Action

The litigation is focused on the propriety of C3.ai’s disclosures on February 26, 2025, and thereafter, about Siebel’s health issues and their effects on the company’s expected financial performance.

More specifically, when asked during the Q&A during the February 26, 2025 Q3 2025 earnings call “what steps you’re taking in terms of running the business,” Siebel assured investors that “I am fully engaged, managing every detail of the business every day” and “[m]y health is excellent.”

Subsequently, during C3.ai’s May 28, 2025 Q4 and FY 2025 earnings call, the company provided revenue guidance of $100 million - $109 million revenue guidance for Q1 2026. In addition, during the call, Siebel assured investors that he was travel-worthy for company business.

Then, on July 24, 2025, C3.ai announced that it initiated a search for a successor to Siebel, who assured investors that “I will remain fully engaged as Chief Executive Officer[.]”

The complaint alleges that C3.ai made false and misleading statements while failing to disclose crucial information to investors concerning the true state of the company’s growth, including that: (1) Siebel’s health was having a significant adverse impact on its ability to close deals; (2) management was unable or ineffectual in minimizing that impact; and (3) as a result, C3.ai would not be able to execute upon its profit and growth potential.

Investors learned the truth on August 8, 2025, when C3.ai startled investors and analysts with its preliminary Q1 2026 financial results. In contrast to revenue guidance of $100 million - $109 million given in May, the company reported a whopping miss -- preliminary revenue of $70.2 million to $70.4 million.

Siebel called the results “completely unacceptable” and said that “health issues prevented me from participating in the sales process as actively as I have in the past” and “it is now apparent that my active participation in the sales process may have had a greater impact than I previously thought.”

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the AI investigation about?

We are investigating whether C3.ai may have misled investors about the outsized negative impact on the company’s financial performance triggered by its CEO’s unfortunate health issues.

WHAT SHOULD I DO?

I worked at AI. What should I do?

If you were an employee of AI, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in AI, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any AI investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.