RADNOR, Pa., July 05, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against UiPath, Inc. (“UiPath”) (NYSE: PATH). The action charges UiPath with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of UiPath’s materially misleading statements and omissions to the public, UiPath’s investors have suffered significant losses. The lead plaintiff deadline is August 19, 2024.
If you suffered UiPath losses, you may CLICK HERE or go to: https://www.ktmc.com/new-cases/uipath-inc?utm_source=PR&utm_medium=link&utm_campaign=path&mktm=r
You can also contact attorney Jonathan Naji, Esq. of Kessler Topaz by calling (484) 270-1453 or by email at info@ktmc.com.
DEFENDANTS’ ALLEGED MISCONDUCT
On May 29, 2024, UiPath issued a press release announcing the resignation of Robert Enslin as the company’s 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 first quarter 2025 financial results and a significant cut in its revenue guidance for fiscal year 2025. Specifically, UiPath lowered its fiscal year 2025 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.”
Following 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.
WHAT CAN I DO?
UiPath investors may, no later than August 19, 2024, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages UiPath investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against UiPath, Steiner v. UiPath, Inc., et al., Case No. 24-cv-04702, is filed in the United States District Court for the Southern District of New York.
CLICK HERE TO SIGN UP FOR THE CASE OR GO TO: https://www.ktmc.com/new-cases/uipath-inc?utm_source=PR&utm_medium=link&utm_campaign=path&mktm=r
WHO CAN BE A LEAD PLAINTIFF?
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 affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
info@ktmc.com
May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.
