GTLB LAWSUIT ALERT: Levi & Korsinsky Notifies GitLab Inc. Investors of a Class Action Lawsuit and Upcoming Deadline

PRNewswire 6-Sep-2024 5:45 AM

NEW YORK, Sept. 6, 2024 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in GitLab Inc. ("GitLab" or the "Company") (NASDAQ:GTLB) of a class action securities lawsuit.

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of GitLab investors who were adversely affected by alleged securities fraud between June 6, 2023 and March 4, 2024. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/gitlab-lawsuit-submission-form?prid=100414&wire=4

GTLB investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

CASE DETAILS: According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning GitLab's ability to develop AI features that would generate code more efficiently and increase market demand for its DevSecOps platform. On March 4, 2024, GitLab issued a press release reporting a strong Q1 in 2024, followed by an announcement lowering full-year guidance for 2025. In pertinent part, defendants announced that the company needed time to build its pipeline and close deals on new products. In addition, provided first quarter 2025 and full year 2025 guidance with growth rates hovering between 30 and 31% and 27%, respectively. Furthermore, GitLab anticipated a Q1 2025 non-GAAP operating loss of $12-$13 million and an operating non-GAAP revenue of $5-$10 million for the full year of 2025. Investors and analysts reacted immediately to GitLab's revelation. The price of GitLab's common stock declined dramatically. From a closing market price of $74.47 per share on March 4, 2024, GitLab's stock price fell to $58.84 per share on March 5, 2024, a decline of about 21% in the span of just a single day.

WHAT'S NEXT? If you suffered a loss in GitLab during the relevant time frame, you have until November 4, 2024 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

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SOURCE Levi & Korsinsky, LLP