NEW YORK, June 21, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased securities of UiPath, Inc. (NYSE: PATH) (the “Company”) between December 1, 2023 and May 29, 2024, inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) UiPath’s turnaround strategy had failed because fruitless investments and inconsistent execution plagued UiPath’s overhauled go-to-market strategy; (ii) UiPath’s AI-powered Business Automation Platform suffered from UiPath’s inability to adequately scale its AI-powered tools and caused “confusion” among customers; and (iii) as a result, UiPath experienced significant difficulties closing and/or expanding large multiyear deals.
The Complaint further alleges that on May 29, 2024, UiPath announced the resignation of defendant Robert Enslin as CEO effective June 1, 2024, and the reappointment of defendant Daniel Dines as CEO. The Complaint also alleges that UiPath also revealed disappointing first quarter 2025 financial results and a significant cut in its revenue guidance for fiscal year 2025. On this news, the price of UiPath stock fell more than 34%, according to the UiPath class action lawsuit.
Investors who purchased or otherwise acquired shares of UiPath should contact the Firm prior to the August 19, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
