NEW
YORK, Oct. 17, 2024 /PRNewswire/ -- The Gross
Law Firm issues the following notice to shareholders
of GitLab Inc. (NASDAQ: GTLB).
Shareholders who purchased shares of GTLB during the class
period listed are encouraged to contact the firm regarding possible
lead plaintiff appointment. Appointment as lead plaintiff is not
required to partake in any recovery.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/gitlab-loss-submission-form/?id=108704&from=4
CLASS PERIOD: June 6, 2023
to March 4, 2024
ALLEGATIONS: According to the complaint, 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. 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. Investors and analysts reacted
immediately to GitLab's revelation. The price of GitLab's common
stock declined dramatically. From a closing market price of
$74.47 per share on March 4, 2024, GitLab's stock price fell to
$58.84 per share on March 5, 2024, a decline of about 21% in the span
of just a single day.
DEADLINE: November 4, 2024
Shareholders should not delay in registering for this class action.
Register your information here:
https://securitiesclasslaw.com/securities/gitlab-loss-submission-form/?id=108704&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a
shareholder who purchased shares of GTLB during the timeframe
listed above, you will be enrolled in a portfolio monitoring
software to provide you with status updates throughout the
lifecycle of the case. The deadline to seek to be a lead plaintiff
is November 4, 2024. There is no cost
or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally
recognized class action law firm, and our mission is to protect the
rights of all investors who have suffered as a result of deceit,
fraud, and illegal business practices. The Gross Law
Firm is committed to ensuring that companies adhere to responsible
business practices and engage in good corporate citizenship. The
firm seeks recovery on behalf of investors who incurred losses when
false and/or misleading statements or the omission of material
information by a company lead to artificial inflation of the
company's stock. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
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SOURCE The Gross Law Firm
