Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against GitLab Inc. (GTLB)

Core Viewpoint - GitLab Inc. is facing a class action lawsuit due to alleged misleading statements and failure to disclose adverse facts regarding its business performance and market demand for its products during the specified Class Period [4]. Group 1: Class Action Details - The deadline to file a lead plaintiff motion in the class action for GitLab securities is November 4, 2024, covering purchases made between June 6, 2023, and March 4, 2024 [1][6]. - Investors who suffered losses on their GitLab investments are encouraged to inquire about potential claims under federal securities laws [2]. Group 2: Financial Performance - On March 4, 2024, GitLab revised its full-year 2025 guidance, projecting a non-GAAP operating loss of $12 million to $13 million and non-GAAP revenue of $5 million to $10 million, attributing this to the need for time to build its pipeline and close new product deals [3]. - Following the announcement, GitLab's stock price dropped by $15.63, or 21%, closing at $58.84 per share on March 5, 2024, indicating significant investor impact [3]. Group 3: Allegations Against Defendants - The class action complaint alleges that GitLab's management made materially false and misleading statements and failed to disclose critical information about weak market demand for its AI features and increasing expenses related to its joint venture in China [4]. - The complaint asserts that the positive statements made by the defendants regarding GitLab's business and prospects were misleading and lacked a reasonable basis throughout the Class Period [4].