NEW YORK, July 15, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against MongoDB, Inc. (“MongoDB” or the “Company”) (NASDAQ: MDB). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether MongoDB and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until September 9, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired MongoDB securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On March 7, 2024, MongoDB issued a press release announcing its fiscal year 2024 earnings and held a related earnings call that same day. Among other items, MongoDB announced an anticipated near-zero revenue from unused commitments for the Company’s MongoDB Atlas platform in fiscal year 2025, a decrease of approximately $40 million in revenue, attributed to the Company’s decision to change their sales incentive structure to reduce enrollment. Additionally, MongoDB projected only 14% growth for fiscal year 2025, compared to projected 16% growth for the previous year, which had resulted in an actualized 31% growth.
On this news, MongoDB’s stock price fell $28.59 per share, or 6.94%, to close at $383.42 per share on March 8, 2024.
Then, on May 30, 2024, MongoDB again announced significantly reduced growth projections for fiscal year 2025. The Company attributed the reduction to its decision to change its sales incentive structure to reduce enrollment frictions, as well as purportedly unanticipated macroeconomic headwinds.
On this news, Mongo’s stock price fell $73.94 per share, or 23.85%, to close at $236.06 per share on May 31, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
