GitLab Faces Multiple Class Action Lawsuits Amid Investor Concerns

Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against GitLab, Outset Medical, ZoomInfo, and Super Micro and Encourages Investors to Contact the Firm - GitLab (NASDAQ:GTLB), Outset Medical (NASDAQ:OM)

NEW YORK, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of GitLab Inc. GTLB, Outset Medical, Inc. OM, ZoomInfo Technologies Inc. ZI, and Super Micro Computer, Inc. SMCI. Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. GitLab Inc. GTLB Class Period: June 6, 2023 - March 4, 2024 Lead Plaintiff Deadline: November 4, 2024 According to the 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 a strong Q1 in 2024, followed by an announcement lowering full-year guidance for 2025. In pertinent part, defendants announced that the company needed time to build its pipeline and close deals on new products. In addition, provided first quarter 2025 and full year 2025 guidance with growth rates hovering between 30 and 31% and 27%, 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 revelation. The price of GitLab's common stock declined dramatically. From a closing market price of $74.47 per share on March 4, 2024, GitLab's stock price fell to $58.84 per share on March 5, 2024, a decline of about 21% in the span of just a single day. For more information on the GitLab class action go to: https://bespc.com/cases/GTLB Outset Medical, Inc. OM Class Period: August 1, 2022 - August 7, 2024 Lead Plaintiff Deadline: October 28, 2024 According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Tablo products were marketed for continuous renal replacement therapy, which is not one of the indications approved by the United States Food and Drug Administration ("FDA"); (2) as a result, Outset Medical was reasonably likely to submit an additional 510(k) application for the Tablo products; (3) there was a substantial risk that Outset Medical would cease sales of the Tablo products pending FDA approval of additional indications; (4) Outset Medical lacked the sales team and process to execute on the ramp of Tablo sales; (5) as a result of the foregoing, Outset Medical's revenue growth would be adversely impacted; and (6) as a result of the foregoing, defendants' positive statements about Outset Medical's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages. For more information on the Outset Medical class action go to: https://bespc.com/cases/OM ZoomInfo Technologies Inc. ZI Class Period: November 10, 2020 - August 5, 2024 Lead Plaintiff Deadline: November 4, 2024 The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) ZoomInfo's financial and operational results during the Class Period had been temporarily inflated by the ephemeral effects of the COVID-19 pandemic, which had pulled-forward demand for ZoomInfo's database of digital contact information; (2) material portions of ZoomInfo's existing customer base were attempting to either substantially reduce their use of ZoomInfo's product or abandon it altogether; (3) ZoomInfo had used manipulative and coercive auto-renew policies and threats of litigation to force customers into remaining with ZoomInfo for an additional contractual term even though such customers did not want to; (4) ZoomInfo's coercive customer retention tactics had materially damaged ZoomInfo's customer relationships, client franchise, and competitive advantages, and created a hidden demand cliff for costumer contract renewals in future periods; and (5) as a result of all of the above, ZoomInfo's reported revenues, operating income, and customer and retention metrics were materially overstated. For more information on the ZoomInfo class action go to: https://bespc.com/cases/ZI Super Micro Computer, Inc. SMCI Class Period: February 2, 2021 - August 26, 2024 Lead Plaintiff Deadline: October 29, 2024 According to the complaint, on August 27, 2024, Hindenburg Research unveiled a short report on SMCI. The short report detailed several allegations against the Company, including that Hindenburg "found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and control failures, and customer issues." Investors and analysts reacted immediately to these revelations. The price of SMCI's common stock declined dramatically. From a closing market price of $562.51 per share on August 26, 2024, SMCI's stock price fell to $443.49 per share on August 28, 2024, a decline of about 21.16% in the span of only two days. For more information on the Super Micro class action go to: https://bespc.com/cases/SMCI About Bragar Eagel & Squire, P.C.: Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes. Contact Information: Bragar Eagel & Squire, P.C. Brandon Walker, Esq. Marion Passmore, Esq. (212) 355-4648 [email protected] www.bespc.com Market News and Data brought to you by Benzinga APIs

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of GitLab - GitLab (NASDAQ:GTLB)

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In GitLab To Contact Him Directly To Discuss Their Options If you suffered losses exceeding $100,000 in GitLab between June 6, 2023 and March 4, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). [You may also click here for additional information] NEW YORK, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against GitLab Inc. ("GitLab" or the "Company") GTLB and reminds investors of the November 4, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com. As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: Defendants created the false impression that they possessed reliable information pertaining to the Company's ability to develop and incorporate AI throughout the software development cycle in order to optimize code generation thereby increasing market demand and making all levels of software development more affordable and properly monetizing its AI features. In truth, there was weak market demand for Gitlab's touted AI features, and the Company was incurring an increasing amount of expenses involving JiHu, its joint venture in China, as well as the annual company-wide summit. Defendants misled investors by continually highlighting its AI-driven innovations to develop software more efficiently and drive market share demands. Defendants provided these 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 in which the Company lowered full-year guidance for fiscal year 2025. Among other items, GitLab said that it anticipated a first-quarter 2025 non-GAAP operating loss of $12 million to $13 million and non-GAAP operating revenue of only $5 million to $10 million for the full year. In relevant part, the Company stated that it needed time to build its pipeline and close deals on new products. On this news, GitLab's stock price fell $15.63 per share, or 20.99%, to close at $58.84 per share on March 5, 2024. The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. Faruqi & Faruqi, LLP also encourages anyone with information regarding GitLab's conduct to contact the firm, including whistleblowers, former employees, shareholders and others. To learn more about the GitLab class action, go to www.faruqilaw.com/GTLB or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). Follow us for updates on LinkedIn, on X, or on Facebook. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fc3524af-8eb5-4966-8afb-3ec05d99a10a Market News and Data brought to you by Benzinga APIs

GTLB Lawsuit - Investors with Large Losses in GitLab, Inc. Should Contact Robbins LLP for Information About the Securities Class Action Lawsuit - GitLab (NASDAQ:GTLB)

SAN DIEGO, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of all investors who purchased or otherwise acquired GitLab Inc. GTLB securities between June 6, 2023 and March 4, 2024. GitLab is a global software company that designs and develops software solutions. For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. The Allegations: Robbins LLP is Investigating Allegations that GitLab Inc. (GTLB) Misled Investors Regarding Demand for its Product According to the complaint, during the class period, defendants created the false impression that they possessed reliable information pertaining to the Company's ability to develop and incorporate AI throughout the software development cycle to optimize code generation thereby increasing market demand and making all levels of software development more affordable and properly monetizing its AI features. In truth, there was weak market demand for Gitlab's touted AI features and the Company was incurring an increasing amount of expenses involving JiHu, its joint venture in China, as well as the annual company-wide summit. Defendants misled investors by continually highlighting its AI-driven innovations to develop software more efficiently and drive market share demands. Plaintiff alleges that on March 4, 2024, GitLab issued a press release reporting strong Q1 2024 results and then immediately followed this with a disclosure announcing lower than expected full-year guidance for 2025. GitLab attributed it to time needed to "build pipeline and close deals on new products." On this news, the price of GitLab's common stock declined from $74.47 per share on March 4, 2024, to $58.84 per share on March 5, 2024, a decline of about 21%. What Now: You may be eligible to participate in the class action against GitLab Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by November 4, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here. All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders. To be notified if a class action against GitLab Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today. Attorney Advertising. Past results do not guarantee a similar outcome. Aaron Dumas, Jr. Robbins LLP 5060 Shoreham Pl., Ste. 300 San Diego, CA 92122 [email protected] (800) 350-6003 www.robbinsllp.com https://www.facebook.com/RobbinsLLP/ https://www.linkedin.com/company/robbins-llp/ A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b88c72f-afbc-4f12-932d-44bb72bd4f8d Market News and Data brought to you by Benzinga APIs