GitLab Inc. Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against GitLab Inc.

Upcoming Lead Plaintiff Deadline is November 4, 2024

NEW YORK, Sept. 18, 2024 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP  ("Wolf  Haldenstein") announces that a class action lawsuit has been filed against GitLab Inc. ("GitLab" or the "Company") (NASDAQ: GTLB) in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired GitLab securities between June 6, 2023 and March 4, 2024, both dates inclusive (the "Class Period").

All investors who purchased shares and incurred losses are advised to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses, you may, no later than November 4, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

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According to the filed 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 strong results for the first quarter of 2024, followed by an announcement lowering full-year guidance for 2025. The Company announced that the company needed time to build its pipeline and close deals on new products. Additionally, they provided first quarter 2025 and full year 2025 guidance, with lower-than-expected growth rates.  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 surprising disclosures. GitLab's common stock declined from a closing market price of $74.47 per share on March 4, 2024 to $58.84 per share on March 5, 2024, a decline of about 21% on the day.

Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].

Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP