RADNOR, Pa., July 20, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) advises investors that a class action lawsuit has been filed against MongoDB, Inc. (“MongoDB”) (NASDAQ:MDB) in the U.S. District Court for the Southern District of New York. The lawsuit alleges that MongoDB violated the federal securities laws, including omissions and fraudulent misrepresentations regarding the company’s business, operations and prospects. As a result of MongoDB’s materially misleading statements and omissions to the public, MongoDB investors have suffered significant losses. The lead plaintiff deadline is September 9, 2024.
If you have suffered MongoDB losses, You can CLICK HERE or go to: https://www.ktmc.com/new-cases/mongodb-inc?utm_source=PR&utm_medium=link&utm_campaign=mdb&mktm=r
You can also contact a lawyer Jonathan Naji, Esq. from Kessler Topaz by phone at (484) 270-1453 or by email at [email protected].
ALLEGED MISCONDUCT OF THE DEFENDANT
MongoDB, a software company, has two core offerings: its original localized MongoDB platform, which includes a physical MongoDB server called “MongoDB Enterprise Advanced,” and its cloud-based alternative, MongoDB Atlas (“Atlas”). The period of the lawsuit begins on August 31, 2023, when Defendants held a conference call after the market closed to discuss second quarter fiscal 2024 results. During the conference call, Defendant Ittycheria discussed details of MongoDB’s new sales incentive plan. Defendant Gordon further explained the impact of this change and other factors on MongoDB’s projected growth, emphasizing revenue increases despite the loss of upfront revenue from commitments for the Atlas product. During the question and answer portion of the conference call, Defendant Gordon continued to downplay the risks associated with the plan to reduce upfront commitments for the Atlas product.
On March 7, 2024, MongoDB announced that the company experienced an annual decline in multi-year license revenue of approximately $40 million due to a sales restructuring and expected nearly zero revenue from unused Atlas commitments in fiscal 2025. MongoDB also provided disappointing revenue growth guidance, which fell short of the prior year. Following this news, MongoDB stock price will decline by $28.59 per share, or approximately 7%, from $412.01 per share on March 7, 2024 to $383.42 per share on March 8, 2024.
Then, on May 30, 2024, MongoDB announced significantly reduced growth expectations, further lowered growth forecasts for fiscal 2025, and again attributed losses to the restructuring of the sales team. On this news, MongoDB stock price fell by $73.94 per share, or nearly 24%, from $310.00 per share on May 30, 2024 to $236.06 per share on May 31, 2024.
WHAT CAN I DO?
MongoDB investors can by 9 September 2024 at the latest, seek to be appointed as lead plaintiff representative for the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or they may choose to do nothing and remain absent as a class member. Kessler Topaz Meltzer & Check, LLP recommends that MongoDB investors who have suffered significant losses contact the firm directly for more information. The class action lawsuit, Baxter v. MongoDB, Inc. et al.Case No. 24-cv-05191, is filed in the United States District Court for the Southern District of New York and assigned to the Honorable Gregory Howard Woods III.
CLICK HERE TO REGISTER FOR THE CASE OR GO TO: https://www.ktmc.com/new-cases/mongodb-inc?utm_source=PR&utm_medium=link&utm_campaign=mdb&mktm=r
WHO CAN BE THE LEAD PLAINTIFF?
A lead plaintiff is a representative party acting on behalf of all class members in directing the litigation. The lead plaintiff is typically the investor or small group of investors who have the largest financial interest and who are also reasonable and typical of the proposed investor class. The lead plaintiff selects counsel to represent the lead plaintiff and the class, and those attorneys, if approved by the court, are lead or class counsel. Your ability to share in any compensation will not be affected by the decision whether or not to serve as lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP litigates class action lawsuits in state and federal courts across the country and around the world. The firm has earned a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate wrongdoing. All of our work is driven by a common goal: to protect investors, consumers, employees and others from corporate and fiduciary fraud, abuse, misconduct and negligence. The claim in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP, visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Street
Radnor, PA 19087
[email protected]
May be considered Attorney Advertising in certain jurisdictions. Past results are not a guarantee of future results.
