SAN DIEGO, July 10, 2024 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of MongoDB, Inc. (NASDAQ: MDB) securities between August 31, 2023 and May 30, 2024, inclusive (the “Class Period”), have until September 9, 2024 to seek appointment as lead plaintiff of the MongoDB class action lawsuit. Captioned Baxter v. MongoDB, Inc., No. 24-cv-05191 (S.D.N.Y.), the MongoDB class action lawsuit charges MongoDB and certain of MongoDB’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the MongoDB class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-mongodb-inc-class-action-lawsuit-mdb.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the MongoDB class action lawsuit must be filed with the court no later than September 9, 2024.
CASE ALLEGATIONS: MongoDB is an American software company that designs, develops, manufactures, and sells developer data platforms and integrated services systems through its document-oriented database program. MongoDB’s offerings include MongoDB’s cloud-based alternative, MongoDB Atlas (“Atlas”).
The MongoDB class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) defendants created the false impression that they possessed reliable information pertaining to MongoDB’s projected revenue outlook and anticipated growth while also minimizing risk from seasonality and macroeconomic fluctuations; (ii) conversely, macro headwinds were worsening while MongoDB’s sales force incentive restructure had further resulted in a significant reduction in the information gathered by their sales force as to the trajectory for the new Atlas enrollments without upfront commitments and further reduced pressure on these new enrollments to grow, resulting in lower value enrollments than were obtained under the previous incentive structure; and (iii) defendants misled investors by providing the public with materially flawed statements of confidence and growth projections which did not account for these variables.
The MongoDB class action lawsuit further alleges that on March 7, 2024, MongoDB announced an anticipated near zero revenue from unused Atlas commitments in fiscal year 2025, a decrease of approximately $40 million in revenue, attributed to MongoDB’s decision to change its sales incentive structure to reduce enrollment frictions. On this news, the price of MongoDB stock fell nearly 7%, according to the complaint.
Then, the MongoDB class action lawsuit further alleges that on May 30, 2024, MongoDB announced significantly reduced growth expectations, cutting fiscal year 2025 growth projections further and again attributing the losses to MongoDB’s decision to change its sales incentive structure to reduce enrollment frictions, along with some allegedly unanticipated macro headwinds. On this news, the price of MongoDB stock fell nearly 24%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired MongoDB securities during the Class Period to seek appointment as lead plaintiff in the MongoDB class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the MongoDB class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the MongoDB class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the MongoDB class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. Over the last decade, our Firm has been ranked #1 on the ISS Securities Class Action Services law firm rankings for six out of the last ten years for securing the most monetary relief for investors. In the last four years, Robbins Geller recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm during that time. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com
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