Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against GitLab Inc. (GTLB)

Business Wire 20-Sep-2024 1:29 PM

Law Offices of Howard G. Smith reminds investors of the upcoming November 4, 2024 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased GitLab Inc. ("GitLab" or the "Company") (NASDAQ:GTLB) securities between June 6, 2023 and March 4, 2024, inclusive (the "Class Period").

Investors suffering losses on their GitLab investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com.

On March 4, 2024, GitLab lowered its full-year 2025 guidance, disclosing that it expected a non-GAAP operating loss of $12 million to $13 million and an operating non-GAAP revenue of $5 million to $10 million. The Company stated that the revision was due to needing time to build its pipeline and close deals on new products.

On this news, GitLab's stock price fell $15.63, or 21%, to close at $58.84 per share on March 5, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) 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; and (2) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired GitLab securities during the Class Period, you may move the Court no later than November 4, 2024 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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