NEW YORK, Sept. 27, 2024 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against GitLab Inc. (“GitLab” or the “Company”) (NASDAQ: GTLB) for violations of the federal securities laws on behalf of investors who purchased or acquired GitLab common stock between June 6, 2023 and March 4, 2024, inclusive (the “Class Period”).

On September 4, 2024, a complaint was filed against the Company and certain of its officers, alleging that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) defendants created the false impression that they possessed reliable information pertaining to GitLab’s ability to develop and incorporate AI throughout the software development cycle to optimize code generation thereby increasing market demand and making all levels of software development more affordable and properly monetizing GitLab’s AI features; and (ii) there was weak market demand for GitLab’s touted AI features and GitLab was incurring an increasing amount of expenses involving JiHu, its joint venture in China, as well as the annual company-wide summit.

When investors learned the truth, GitLab’s common stock declined precipitously, injuring investors.

If you suffered a loss of more than $100,000 in GitLab’s securities, and wish to participate, or learn more, click here, or please contact our attorneys at (914) 733-7256 or via email to Andrea Farah (afarah@lowey.com) or Vincent R. Cappucci Jr. (vcappucci@lowey.com).

Any investor who wishes to serve as Lead Plaintiff must act before November 4, 2024.

About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.

Contact:
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7234
Email: investigations@lowey.com 

SOURCE: Lowey Dannenberg P.C.