Lawsuit filed for Investors who lost money with shares of GitLab Inc. (NASDAQ: GTLB)

An investor, who purchased shares of GitLab Inc. (NASDAQ: GTLB), filed a lawsuit over alleged violations of Federal Securities Laws by GitLab Inc. in connection with certain allegedly false and misleading statements made between June 6, 2023 and March 4, 2024.
Investors who purchased shares of GitLab Inc. (NASDAQ: GTLB) have certain options and for certain investors are short and strict deadlines running. Deadline: November 4, 2024. NASDAQ: GTLB investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Francisco, CA based GitLab Inc., through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. On or around October 14, 2021, Gitlab conducted its initial public offering, selling 10.4 million shares priced at $77.00 per share.

GitLab Inc. reported that its Total Revenue rose from $252.65 million for the 12 months period that ended on January 31, 2022, to $424.3 million for the 12 months period that ended on January 31, 2023, and that its Net Loss over those respective time periods increased from $155.13 million to $172.31 million.

Then, on March 4, 2024, GitLab Inc. reported its fourth quarter and full fiscal year 2024 financial results, as well as issuing guidance for fiscal year 2025. For 2025, GitLab Inc. said that it expects adjusted earnings per share ranging from $0.19 to $0.23, compared to analyst expectations of $0.37, with revenue ranging between $725 million and $731 million, compared to analyst expectations of $732.2 million.

Shares of GitLab Inc. (NASDAQ: GTLB) declined from $73.16 per share on February 27, 2024, declined to as low as $53.10 per share on March 15, 2024.

According to the complaint the plaintiff alleges on behalf of purchasers of GitLab Inc. (NASDAQ: GTLB) common shares between June 6, 2023 and March 4, 2024, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 6, 2023 and March 4, 2024, the 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.

Those who purchased shares of GitLab Inc. (NASDAQ: GTLB) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About:
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.