GitLab Class Action Lawsuit: Portfolio Obliteration when the Truth Emerges

9/25/2024

INTRODUCTION TO THE GITLAB CLASs ACTION LAWSUIT

dark blue stock chart with white foreground used in Github class action lawsuit

If you suffered losses in GitLab stock, call Timothy L. Miles today for a free case evaluation

The GitLab class action lawsuit seeks to represent purchasers or acquirers of GitLab Inc. (NASDAQ: GTLB) publicly traded securities between June 6, 2023, and March 4, 2024, inclusive (the “Class Period”). Captioned Dolly v. GitLab Inc., No. 24-cv-06244 (N.D. Cal.), the GitLab class action lawsuit charges GitLab and certain of GitLab’s top executives with violations of the Securities Exchange Act of 1934.

If you have suffered losses in GitLab stock and are interested in becoming the lead plaintiff in the GitLab class action lawsuit or have any inquiries regarding your rights as a shareholder, please reach out to GitLab Stock Loss Lawyer Timothy L. Miles at no cost. You can contact him by calling 855/846-6529, sending an e-mail to [email protected], or filling out a contact form below. Lead plaintiff motions for the GitLab class action lawsuit must be filed with the court no later than November 4, 2024.

allegations in the GitLab CLASS ACTION lawsuit

GitLab is a global software company that designs and develops software solutions. Below are the key allegations in the GitLab class action lawsuit.

Misleading AI Claims:

GitLab allegedly created a false impression about their ability to develop and incorporate AI throughout the software development cycle, exaggerating its potential to optimize code generation and increase market demand.

Financial Misrepresentation:

The lawsuit claims GitLab failed to disclose weak market demand for their touted AI features and increasing expenses related to JiHu, their joint venture in China, as well as the annual company-wide summit.

Stock Price Impact (The Truth Begins to Emerge):

Following GitLab's disclosure of lower-than-expected full-year guidance for 2025 on March 4, 2024, the company's stock price plummeted nearly 21%.

Class Period Allegations:

Throughout the Class Period, defendants allegedly made false and/or misleading statements, failing to provide accurate information about GitLab's market position and financial outlook.

Investor Deception:

The lawsuit asserts that GitLab's actions led investors to believe they possessed reliable information about the company's AI capabilities and market demand, potentially influencing investment decisions.

THE LEAD PLAINTIFF DEADLINE IN THE CLASS ACTION against GitLab

Lead plaintiff motions for the GitLab class action lawsuit must be filed with the court no later than November 4, 2024. When a securities class action is filed such as the GitLab class action lawsuit:

The person who files the first complaint is required to publish a notice announcing the filing.
Anyone who wants to be lead plaintiff on behalf of the class must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published.

YOU HAVE TWO CHOICES IF YOU RECEIVE A NOTICE IN THE GITLAB CLASS ACTION LAWSUIT

First, read the notice very carefully. You have two choices.

First, you can do nothing and remain a member of the class represented by lead counsel.
Second, if you believe you have a large enough loss to justify it, you can opt out of the GitLab class action lawsuit and file your own separate lawsuit.

Note, that if you opt-out, you will not be able to participate in any settlement or recovery obtained in the GitLab class action lawsuit.

THE LEAD PLAINTIFF PROCESS IN THE GitLab class action LAWSUIT

Under the Private Securities Litigation Reform Act of 1995 (PSLRA):

Any investor who purchased and suffered losses in GitLab stock may seek appointment as lead plaintiff in the GitLab class action lawsuit.
A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit.
The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit.
An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.

THE BENEFITS OF SERVING AS A LEAD PLAINTIFF IN THE GitLab CLASS ACTION LAWSUIT

Negotiating more competitive attorney fees and reducing litigation costs.
Managing the litigation by overseeing the progress of the case and reviewing important filings.
Participating in mediation and settlement discussions.
Having a voice in decision-making processes regarding the settlement.
No financial risk, as lead counsel covers all costs and expenses and are paid only if they secure a settlement or judgment recovery for the class
Potentially enjoying long-term benefits from governance reform resulting from the litigation.

THE RESPONSIBILITIES THE LEAD PLAINTIFF WILL HAVE IN THE GitLab CLASS ACTION LAWSUIT

Selecting, monitoring, and overseeing Lead Counsel.
Reviewing and commenting on court filings on behalf of the class.
Discussing litigation strategies with the Lead Counsel.
Attending depositions (if necessary) and giving a deposition.
Attending hearings (if necessary).
Participating in mediation and the trial (if necessary).
Provide input on any decision concerning the settlement of the securities class action.

ELIGIBILITY CRITERIA FOR LEAD PLAINTIFF APPOINTMENT IN THE gitlab CLASS ACTION LAWSUIT

To be eligible for appointment as the lead plaintiff in the GitLab class action lawsuit, an investor must meet the following criteria:

Securities Acquisition: The investor must have purchased or acquired GitLab securities during the Class Period, spanning June 6, 2023, and March 4, 2024.
Financial Losses: The investor must have suffered financial losses as a direct result of the alleged securities fraud perpetrated by GitLab and its executives.
Typicality and Adequacy: The investor's legal claims must be typical of those asserted on behalf of the class, and they must demonstrate their ability to adequately represent the interests of the entire class through experience, resources, and the absence of conflicts of interest.

It is crucial to note that both domestic and international investors who meet these criteria are eligible to seek appointment as the lead plaintiff in the GitLab class action lawsuit, as courts have consistently recognized the rights of non-U.S. investors in securities class actions.

LEGAL REQUIREMENTS FOR PREVAILING IN THE GitLab CLASS ACTION LAWSUIT

Material Misrepresentation or Omission
Scienter
Connection to Securities Transaction
Reliance
Economic Loss
Loss Causation

CONTINGENCY FEE ARRANGEMENTS AND COST CONSIDERATIONS

Many securities litigation attorneys, including Timothy L. Miles, operate on a contingency fee basis, which means clients do not pay any upfront fees or costs. Instead, the attorney's fees and expenses are deducted from any settlement or judgment recovered on behalf of the class, typically as a court-approved percentage of the total recovery.

This arrangement ensures that investors can pursue their legal rights without bearing the financial burden of costly litigation, as the attorneys assume the risk and only receive compensation if they achieve a successful outcome for the class.

Resources for Investors in the GITLAB Class Action Lawsuit and Others

CONTACT GitLab STOCK LOSS LAWYER TODAY TIMOTHY L MILES TODAY ABOUT A GitLab CLASS ACTION LAWSUIT

If you suffered losses in GitLab stock, contact GitLab stock loss lawyer Timothy L. Miles today for a free case evaluation about a GitLab class action lawsuit. Call today and see what a GitLab stock loss lawyer could do for you if you suffered losses in GitLab stock. This will most likely be the only call you need to make. (855) 846–6529 or [email protected].

The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846–6529
Email: [email protected]

GitLab stock loss lawyer Timothy L. Miles

Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors, shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association ,Class Action: Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more. Please visit our website or call for free anytime.
• Top 100 Civil Plaintiff Trial Lawyers by The National Trial Lawyers Association (2017-2022).
• Class Action: Top 25 National Trial Lawyers by the National Trial Lawyers Association (2023)
• AV® Preeminent™ Attorney by Martindale-Hubbell® (2014-2022).
• AV® Preeminent™ Attorney – Judicial Edition (2017-2022).
• Top Ranked Lawyer by Martindale-Hubbell® and ALM (2019-2022).
• Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2022)
• Elite Lawyer of the South by Martindale-Hubbell® and ALM (2019-2022).
• PRR AV Preeminent Rating on Lawyers.com by Martindale-Hubble® (2018-2022).
• America’s Most Honored Lawyers 2020 – Top 1% by Lawyers of Distinction (2020-2021).
• America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022).
• Top 1% of Attorneys in America by Premier Lawyers of America (2019-2021).
• Nation’s Top One Persent by the National Association of Distinguished Counsel (2021).
• The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability by Martindale-Hubble® (Feb. 2015).
• Distinguished Lawyer, Recognizing Excellence in Securities Law, Lawyers of Distinction (2019-2021)
• Lifetime Achievement Award by Premier Lawyers of America (2019-2021).
• Superb Rated Attorney, (10.0 out of 10), the Highest Rating Possible by Avvo.
• Avvo Top Rated Lawyer (Avvo 2017-2022).
• Avvo Client's Choice Award 2021 (Avvo 2021).
• Elite Lawyer 2021 by Elite Lawyer (2019-2021).
• America’s Most Honored Professionals – Top 1% (American Registry 2016-2022).
• Top Rated Lawyers in Tennessee (Lawyers of Distinction 2021-2022)

CONTACT
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
300 Centerview Dr., #247
Brentwood, TN 37027
Phone:(855) 846-6529