NEW YORK, Sept. 22, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of against GitLab Inc. (NASDAQ: GTLB), Agenus Inc. (NASDAQ: AGEN), New Fortress Energy Inc. (NASDAQ:NFE), and ZoomInfo Technologies Inc. (NASDAQ: ZI). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
GitLab Inc. (NASDAQ: GTLB)
Class Period: June 6, 2023 – March 4, 2024
Lead Plaintiff Deadline: November 4, 2024
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.
For more information on the GitLab class action go to: https://bespc.com/cases/GTLB
Agenus Inc. (NASDAQ: AGEN)
Class Period: January 23, 2023 – July 17, 2024
Lead Plaintiff Deadline: November 5, 2024
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the combination therapy of botensilimab and balstilimab was less effective than Defendants had led investors to believe; (2) accordingly, botensilimab and balstilimab’s clinical results, as well as their regulatory and commercial prospects, were overstated; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Agenus class action go to: https://bespc.com/cases/AGEN
New Fortress Energy Inc. (NASDAQ:NFE)
Class Period: February 29, 2024 – August 8, 2024
Lead Plaintiff Deadline: November 18, 2024
The filed complaint alleged that defendants created the false impression that they possessed reliable information pertaining to the Company’s projected revenue outlook and anticipated growth while simultaneously minimizing the risk involved in New Fortress’ plan to have its Fast Liquefied Natural Gas (“LNG”) projects fully operational and to increase business growth globally. In reality, New Fortress’ Fast LNG projects failed to fulfill the Company’s public statements that its FLNG 1 project would be in service by March 2024. Even following the announcement that these delays were costing the Company upwards of $150 million per quarter, defendants continued to tout the speed at which New Fortress was building facilities. Defendants misled investors by providing the public with materially flawed statements of confidence and growth projections that did not account for these variables.
For more information on the New Fortress class action go to: https://bespc.com/cases/NFE
ZoomInfo Technologies Inc. (NASDAQ: ZI)
Class Period: November 10, 2020 – August 5, 2024
Lead Plaintiff Deadline: November 4, 2024
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) ZoomInfo’s financial and operational results during the Class Period had been temporarily inflated by the ephemeral effects of the COVID-19 pandemic, which had pulled-forward demand for ZoomInfo’s database of digital contact information; (2) material portions of ZoomInfo’s existing customer base were attempting to either substantially reduce their use of ZoomInfo’s product or abandon it altogether; (3) ZoomInfo had used manipulative and coercive auto-renew policies and threats of litigation to force customers into remaining with ZoomInfo for an additional contractual term even though such customers did not want to; (4) ZoomInfo’s coercive customer retention tactics had materially damaged ZoomInfo’s customer relationships, client franchise, and competitive advantages, and created a hidden demand cliff for costumer contract renewals in future periods; and (5) as a result of all of the above, ZoomInfo’s reported revenues, operating income, and customer and retention metrics were materially overstated.
For more information on the ZoomInfo class action go to: https://bespc.com/cases/ZI
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
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