NEWTOWN, Pa., June 27, 2024 (GLOBE NEWSWIRE) — Edelson Lechtzin LLP, a leading class action law firm, is investigating securities fraud claims on behalf of all investors of UiPath, Inc. (“UiPath”) (NYSE: PATH) between December 1, 2023, and May 29, 2024, inclusive (the “Class Period”).
If you purchased UiPath stock during the Class Period and wish to move the U.S. District Court for the Southern District of New York to be appointed as lead plaintiff, you must do so by August 19, 2024. Please contact Edelson Lechtzin LLP to discuss your investment losses at 844-696-7492, or by e-mail at elechtzin@edelson-law.com. A copy of the class action complaint can be viewed HERE.
What is a Lead Plaintiff?
Under the Private Securities Litigation Reform Act of 1995, any investor who purchased securities during the applicable Class Period may seek appointment as the lead plaintiff in the class action. Generally, the investor or group of investors with the largest financial interest in the litigation is the presumptive lead plaintiff. As a court-appointed representative of a class of purchasers of securities, the lead plaintiff selects the law firm that will represent the class in the lawsuit, and if necessary, provides testimony at trial.
Background on UiPath, Inc.
UiPath is a business automation software company based in New York City.
The Securities Fraud Claims
Throughout the Class Period, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) UiPath’s turnaround strategy had failed; (ii) UiPath’s AI-powered Business Automation Platform caused “confusion” among customers and was not capable of being adequately scaled; and (iii) UiPath experienced significant difficulties closing and/or expanding multiyear deals.
On May 29, 2024, UiPath reappointed Defendant Dines as CEO after disappointing Q1 2025 results and a 10% revenue forecast cut. Issues included poor contract execution, inadequate AI strategy, and failed growth investments. Dines emphasized improving execution, sales efficiency, and a customer-centric approach, noting AI confusion among customers. On this news, the price of UiPath stock declined $6.23 per share, or more than 24%, from $18.30 per share, on May 29, 2024, to $12.07 per share on May 30, 2024.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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