GitLab Inc.
Case Overview
40 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 11/04/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: GitLab Inc. |
Court: | Court: Northern District of California |
Case Number: | Case Number: 3:24cv06244 |
Class Period: | Class Period: 06/06/2023 - 03/04/2024 |
Ticker: | Ticker: GTLB |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired GitLab, Inc. Company (“Gitlab” or the “Company”) (NASDAQ: GTLB) securities during the period of June 6, 2023 and March 4, 2024, inclusive (“the Class Period”). Investors have until November 4, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On March 4, 2024, GitLab issued a press release reporting a strong Q1 in 2024, followed by an announcement lowering full-year guidance for 2025. In pertinent part, defendants announced that the company needed time to build its pipeline and close deals on new products. In addition, provided first quarter 2025 and full year 2025 guidance with growth rates hovering between 30 and 31% and 27%, respectively. Furthermore, GitLab anticipated a Q1 2025 non-GAAP operating loss of $12-$13 million and an operating non-GAAP revenue of $5-$10 million for the full year of 2025. On this news, the price of GitHub shares declined by $15.63, from $74.47 on March 4, 2024, to close at $58.84 per share on March 5, 2024,.
According to the lawsuit, GitHub provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning GitLab's ability to develop AI features that would generate code more efficiently and increase market demand for its DevSecOps platform.
On March 4, 2024, GitLab issued a press release reporting a strong Q1 in 2024, followed by an announcement lowering full-year guidance for 2025. In pertinent part, defendants announced that the company needed time to build its pipeline and close deals on new products. In addition, provided first quarter 2025 and full year 2025 guidance with growth rates hovering between 30 and 31% and 27%, respectively. Furthermore, GitLab anticipated a Q1 2025 non-GAAP operating loss of $12-$13 million and an operating non-GAAP revenue of $5-$10 million for the full year of 2025. On this news, the price of GitHub shares declined by $15.63, from $74.47 on March 4, 2024, to close at $58.84 per share on March 5, 2024,.
According to the lawsuit, GitHub provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning GitLab's ability to develop AI features that would generate code more efficiently and increase market demand for its DevSecOps platform.