The Gross Law Firm Notifies GitLab Inc. Investors of a Class Action Lawsuit and Upcoming Deadline - GTLB

NEW YORK, Oct. 17, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of GitLab Inc. (NASDAQ: GTLB).

Shareholders who purchased shares of GTLB during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.

CONTACT US HERE:

https://securitiesclasslaw.com/securities/gitlab-loss-submission-form/?id=108704&from=4

CLASS PERIOD: June 6, 2023 to March 4, 2024

ALLEGATIONS: 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.

DEADLINE: November 4, 2024 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/gitlab-loss-submission-form/?id=108704&from=4

NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of GTLB during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is November 4, 2024. There is no cost or obligation to you to participate in this case.

WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

The Gross Law Firm

15 West 38th Street, 12th floor

New York, NY, 10018

Email: dg@securitiesclasslaw.com

Phone: (646) 453-8903

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-gross-law-firm-notifies-gitlab-inc-investors-of-a-class-action-lawsuit-and-upcoming-deadline--gtlb-302278345.html

SOURCE The Gross Law Firm