PHILADELPHIA, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Berger Montague PC announces that a class action lawsuit was filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired UiPath, Inc. (“UiPath” or the “Company”) (NYSE: PATH) securities.
If you suffered losses as a result of your investment in UiPath (NYSE: PATH) and would like to learn about a potential recovery, CLICK HERE.
The lawsuit has been filed against UiPath on behalf of purchasers of UiPath securities between December 1, 2023 and May 29, 2024, inclusive (the “Class Period”).
The deadline for investors who purchased or acquired UiPath securities during the Class Period to seek to be appointed as a lead plaintiff representative of the class is August 19, 2024.
Headquartered in New York, UiPath provides business automation software, specifically a set of robotic process automation (“RPA”) and AI-powered automation tools that allow its customers to automate repetitive business tasks typically performed by humans.
According to the lawsuit, on May 29, 2024, UiPath announced the sudden departure of CEO Robert Enslin. On the same day, UiPath announced disappointing 1Q 2025 financial results and significantly cut its FY 2025 revenue guidance by 10%, or $150 million. The Company attributed the poor results and guidance to several factors related to its failed turnaround strategy, including an inadequate “execution strategy to scale” the Company’s AI-powered growth products “to reach their full potential,” and that AI had “create[ed] a little bit of confusion with our customers.” UiPath also described how the “investments we have made to reaccelerate growth have fallen short of our expectations, [and] made us less agile in responding to customer needs” while experiencing “contract execution challenges on large deals.”
In response to this news, the price of UiPath stock declined $6.23 per share, or more than 34%, from $18.30 per share on May 29, 2024 to a closing price of $12.07 per share on May 30, 2024.
For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net or (215) 875-3048, or CLICK HERE.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montague
(215) 875-3048
phamner@bm.net
