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SHAREHOLDER ALERT: The Gross Law Firm Notifies Shareholders of UiPath Inc. of a Class Action Lawsuit and a Lead Plaintiff Deadline of November 6, 2023 - (NYSE: PATH)
News provided byThe Gross Law Firm
Sep 19, 2023, 5:45 AM ET
NEW YORK, Sept. 19, 2023 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of UiPath Inc..
Shareholders who purchased shares of PATH during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
CONTACT US HERE:
CLASS PERIOD: April 21, 2021 to March 30, 2022
ALLEGATIONS: The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (a) UiPath had enacted a widespread discounting program prior to the IPO, which had the effect of temporarily boosting the Company's revenue and annualized renewal run-rate ("ARR") metrics, cannibalizing its future sales, eroding the Company's margins, and increasing the risk of client churn; (b) UiPath's actual total addressable market was not as large as portrayed by defendants, because many companies included in the market survey did not need the type of high-cost, high-functionality automation products offered by the Company; (c) UiPath was losing customers to Microsoft, ServiceNow, SAP, Salesforce, IBM, and other established enterprise software vendors that were building automation into their platforms; (d) UiPath was losing customers due to the increased availability of lowcode automation software offered by vendors, such as Microsoft's Power Automate software, which were capable of addressing the majority of customer use cases at a fraction of the price of UiPath's products and services; (e) UiPath was suffering from a loss of channel sales due to strained relationships with the Company's partners as a result of increased competition between UiPath and these partners; and (f) as a result of (a)-(e) above, defendants' statements during the Class Period regarding the Company's business, operations, and key financial metrics such as revenues and ARR were materially false and misleading.
DEADLINE: November 6, 2023 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/uipath-loss-submission-form/?id=48626&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of PATH during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is November 6, 2023. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Phone: (646) 453-8903
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SOURCE The Gross Law Firm
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