LOS ANGELES, Oct. 30, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises GitLab Inc. ("GitLab" or the "Company") (NASDAQ: GTLB) investors of a class action representing investors that bought securities between June 6, 2023 and March 4, 2024, inclusive (the "Class Period"). GitLab investors have until November 4, 2024 to file a lead plaintiff motion.
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. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
GitLab, a global software company, is facing a class action lawsuit. The lawsuit claims that during the Class Period, the company and its executives made misleading statements and failed to reveal important information. Specifically, it is alleged that GitLab created a misleading impression about their ability to develop and use AI to improve code generation, increase market demand, make software development more affordable, and effectively monetize their AI features.
In reality, there was weak market demand for GitLab's AI features, and the company was facing growing costs related to its joint venture in China (JiHu) and its annual company-wide summit.
Additionally, on March 4, 2024, GitLab announced that its projected full-year guidance for 2025 was lower than expected, citing the need for more time to build a sales pipeline and close deals on new products. Following this announcement, GitLab's stock price dropped nearly 21%, according to the lawsuit.
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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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