NEW YORK, Nov. 03, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against GitLab Inc. (“GitLab” or “the Company”) (NASDAQ: GTLB) and certain of its officers.
Class Definition
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired GitLab securities between June 6, 2023, and March 4, 2024, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/GTLB.
Case Details
The Complaint alleges that Defendants 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. Specifically, the Complaint alleges that 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, and that in pertinent part, Defendants announced that the company needed time to build its pipeline and close deals on new products. The Complaint adds that Defendants also provided first quarter 2025 and full year 2025 guidance with growth rates hovering between 30 and 31% and 27%, respectively, and that 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. Following this news, the stock price dropped, thereby damaging investors.
What's Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/GTLB or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in GitLab you have until November 4, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
Contact
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller
332-239-2660 | info@bgandg.com
