Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, July 12, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises MongoDB, Inc. (“MongoDB” or the “Company”) (NASDAQ: MDB)
investors that a class action has been filed on behalf of investors. MongoDB investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
MongoDB and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 7, 2024, MongoDB reported strong Q4 2024 results and then announced lower than expected full-year guidance for 2025. MongoDB attributed it to the Company's change in its "sales incentive structure" which led to a decrease in revenue related to "unused commitments and multi-year licensing deals." On May 30, 2024, MongoDB again announced significantly reduced growth expectations, this time cutting fiscal year 2025 growth projections further, again attributing the losses to the Company’s decision to change their sales incentive structure to reduce enrollment frictions, along with some allegedly unanticipated macro headwinds.
The Complaint alleges that during the Class Period, Defendants made materially false and misleading statements and engaged in a scheme to deceive the market and a course of conduct that artificially inflated the price of MongoDB's common stock and operated as a fraud or deceit on Class Period purchasers of MongoDB's common stock by materially misleading the investing public.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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