| COMPANY |
UiPath, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
24-cv-04702 |
| JUDGE |
The Hon. John Peter Cronan |
| CLASS PERIOD |
December 1, 2023 through May 29, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS AUGUST 19, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
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.
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) UiPath’s turnaround strategy had failed because fruitless investments and inconsistent execution plagued UiPath’s overhauled go-to-market strategy; (2) UiPath’s AI-powered Business Automation Platform suffered from UiPath’s inability to adequately scale its AI-powered tools and caused “confusion” among customers; and (3) as a result, UiPath experienced significant difficulties closing and/or expanding large multiyear deals.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.