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GTLB.US
id: 1328
GitLab (GTLB) Financial Issues Case
N.D. California
Court3:24-cv-06244
Case number06 Jun 2023
Class period Start04 Mar 2024
Class period End04 Nov 2024
Lead Plaintiff motion deadline- $GTLB stockholders filed a claim against GitLab for overstating AI demand while dealing with rising costs from its China joint venture.
- After the financial results on March 4, 2024, $GTLB dropped by over 21%.
- GitLab investors can join this case to be notified about potential recovery.
Case Details:
On March 4, 2024, GitLab reported strong Q1 results but lowered its full-year guidance for 2025.
The company said it needed more time to build its sales pipeline and close deals for new products, expecting growth rates of 30-31% for Q1 2025 and 27% for the full year.
Additionally, GitLab projected a non-GAAP operating loss of $12-$13 million for Q1 2025 and operating revenue of $5-$10 million for the entire year.
On this news, $GTLB fell by over 21% on March 5, 2024.
Based on these events, $GTLB investors filed a claim against GitLab, accusing the company of the following:
- The lawsuit claims GitLab misled investors by exaggerating demand for its AI tools.
- The company also faced rising costs from its joint venture in China and other expenses.
Considering all the representations, investors suspect GitLab overstated AI demand while facing rising costs from its China joint venture and other expenses.
Case Status
Lead Plaintiff Submission
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
05 March 2024
Filing date
04 September 2024
Lead Plaintiff Deadline
04 November 2024