Rosen Law Firm, a global investor rights law firm, announces that a shareholder filed a class action on behalf of purchasers and acquirers of securities of GitLab Inc. (NASDAQ: GTLB) between June 6, 2023 and March 4, 2024, both dates inclusive (the “Class Period”). GitLab is a software company.
For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653.
The Allegations: Rosen Law Firm is Investigating the Allegations that GitLab Inc. (NASDAQ: GTLB) Misled Investors Regarding its Business Operations.
According to the lawsuit, defendants made false and/or misleading statements during the Class Period. In particular, the lawsuit alleges that defendants created the false impression that they possessed reliable information pertaining to the Company’s ability to develop and incorporate artificial intelligence (“AI”) throughout the software development cycle in order to optimize code generation, thereby increasing market demand and making all levels of software development more affordable and properly monetizing GitLab’s AI features. In truth, there was weak market demand for GitLab’s touted AI features and the Company was incurring an increasing amount of expenses involving JiHu, its joint venture in China, as well as the annual company-wide summit. Defendants misled investors by continually highlighting GitLab’s AI-driven innovations to develop software more efficiently and drive market share demands. When the true details entered the market, the lawsuit claims that investors suffered damages.
What Now: You may be eligible to participate in the class action against GitLab Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by November 4, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Rosen Law: Some law firms issuing releases about this matter do not actually litigate securities class actions; Rosen Law Firm does. A recognized leader in shareholder rights litigation, the attorneys and staff of Rosen Law Firm have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing. Since our inception, we have obtained over $1 billion for shareholders.
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