NEW YORK, July 17, 2024 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP reminds investors of the August 19, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed on behalf of those who acquired UiPath, Inc. (“UiPath” or the “Company”) (NYSE: PATH) securities during the period of December 1, 2023 to May 29, 2024, inclusive (“the Class Period”).
[Click here to learn more about the class action]
On May 29, 2024, UiPath announced the sudden departure of CEO Robert Enslin. On the same day, UiPath announced disappointing first quarter 2025 financial results and significantly cut its full year 2025 revenue guidance by 10%, or $150 million. The Company attributed the poor results and guidance to several factors related to its failed turnaround strategy, including an inadequate execution strategy to scale the Company’s AI-powered growth products to reach their full potential. Additionally, UiPath reported that their investments in growth acceleration had fallen short of expectations. On this news, the price of UiPath shares declined by $6.23 per share, or approximately 34%, from $18.30 per share on May 29, 2024, to $12.07 per share on May 30, 2024.
The lawsuit alleges that throughout the Class Period, UiPath made materially false and misleading statements concerning the success of the Company’s turnaround strategy, which included rebranding UiPath as an AI-powered Business Automation Platform and overhauling the Company’s go-to-market sales strategy. The complaint alleges that (1) UiPath’s turnaround strategy had failed due to fruitless investments; (2) inconsistent execution plagued the Company’s overhauled go-to-market strategy; and (3) as a result, UiPath experienced significant difficulties closing and/or expanding large multiyear deals.
If you purchased or otherwise acquired UiPath securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
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