PLTR Stock: One Big Reason Palantir Shares May Be Stumbling Today

Palantir (NYSE:PLTR) stock is taking a beating on Thursday after news of a lawsuit against the U.K.’s National Health Service (NHS).

Palantir Technologies (PLTR) headquarters

Source: Sundry Photography / Shutterstock.com

The lawsuit comes from Open Democracy, a political news website in the U.K. The lawsuit is over the NHS extending a contract with Palantir in December. This £23.5 million and will last for two years.

Open Democracy has been critical of Palantir in the past and considers it a spy-tech company. Palantir handles large amounts of data and that includes what it gets from governments. It’s worth noting it was founded in 2003 with the help of the U.S.’s Central Intelligence Agency (CIA).

Open Democracy’s issue with the extended contract has to do with the nature of the deal. It was extended without input from the public. The publication also claims that the deal was made with the help of a top NHS official that PLTR lobbied.

Cori Crider, director of Foxglove, the non-profit legal group representing Open Democracy, said the following to the BBC.

“The datastore is the largest pool of patient data in UK history. It’s one thing to set it up on an emergency basis, it’s a different kettle of fish to give a tech firm like Palantir a permanent role in NHS infrastructure.”

You can catch up on all the other latest news affecting PLTR stock with these articles from InvestorPlace.

PLTR stock was down 7.5% as of Thursday afternoon.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

 


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