Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of MongoDB, Inc. who purchased shares between September 8, 2024 and September 8, 2024.
MongoDB and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 30, 2024, the Company released its first quarter fiscal year 2025 results, disclosing significantly reduced growth expectations and cutting fiscal year 2025 growth projections, due to the Company’s decision to change its sales incentive structure to reduce enrollment frictions, along with some allegedly unanticipated macro headwinds.
On this news, the price of MongoDB’s shares fell nearly 24%, from a closing price of $310.00 per share on May 30, 2024 to $236.06 per share on May 31, 2024.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until September 9, 2024 to request that the court appoint them lead plaintiff.