NEW YORK, NY / ACCESSWIRE / June 21, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against UiPath, Inc. ("UiPath" or the "Company") (NYSE:PATH). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether UiPath and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until August 19, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired UiPath securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On May 29, 2024, UiPath issued a press release announcing the resignation of Robert Enslin as the Company's Chief Executive Officer ("CEO"), effective June 1, 2024, and the reappointment of Daniel Dines as CEO. On that same day, UiPath issued a separate press release announcing disappointing 1Q 25 financial results and a significant cut in its revenue guidance for fiscal year 2025. Specifically, UiPath lowered its FY25 revenue guidance by approximately 10%, or $150 million, from a range of $1.555 billion to $1.560 billion, to a range of $1.405 billion to $1.410 billion. Discussing UiPath's results and guidance on a conference call that same day, UiPath's officers acknowledged that the Company's failed turnaround strategy was a factor, stating that "the investments we have made to reaccelerate growth have fallen short of our expectations, made us less agile in responding to customer needs and created short-term pressure on operating margins, all of which we are committed to rectifying."
On this news, UiPath's stock price fell $6.23 per share, or over 34%, to close at $12.07 per share on May 30, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP