Faruqi & Faruqi Reminds GitLab Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of November 4, 2024 - GTLB

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against GitLab Inc. due to allegations of misleading statements regarding the company's AI capabilities and financial performance, with a class action lawsuit deadline set for November 4, 2024 [2][4]. Group 1: Allegations Against GitLab - The complaint alleges that GitLab and its executives violated federal securities laws by making false and misleading statements about their ability to develop AI features that would enhance software development and market demand [4]. - It is claimed that GitLab misrepresented the market demand for its AI features and concealed increasing expenses related to its joint venture in China and company-wide events [4]. Group 2: Financial Performance and Impact - On March 4, 2024, GitLab lowered its full-year guidance for fiscal year 2025, projecting a non-GAAP operating loss of $12 million to $13 million for the first quarter and total non-GAAP operating revenue of $5 million to $10 million for the year [5]. - Following this announcement, GitLab's stock price dropped by $15.63 per share, or 20.99%, closing at $58.84 on March 5, 2024 [6].