SAN FRANCISCO, Feb. 13, 2023 (GLOBE NEWSWIRE) — Hagens Berman urges Atlassian Corporation (NASDAQ: TEAM) investors who suffered $500k or more in losses to submit your losses now.
Class Period: Aug. 5, 2022 – Nov. 3, 2022
Lead Plaintiff Deadline: Apr. 4, 2023
Contact An Attorney Now: [email protected]
Atlassian Corporation (NASDAQ: TEAM) Securities Fraud Class Action:
The litigation focuses on Defendants’ past assurances that Atlassian was vigilantly watching all stages of the funnels in which it operates, that “[t]he good news […] is that we have yet to see any specific trend geographically or even in industry segments or in customer sizes that gives us pause to worry,” and “the number of free users that are coming in to create new free instances continues to grow steadily.”
The complaint alleges that, throughout the Class Period, Defendants misled investors and failed to disclose that: (1) macroeconomic factors were having a material adverse impact on Atlassian’s business; (2) the slowing conversions from free to paid customers the company was experiencing constituted a negative trend; and (3) paid user growth had also slowed down.
Investors began to learn the truth on Nov. 3, 2022, when Atlassian announced disappointing Q1 2023 financial results. The company revealed that”[w]e continued to see a slower rate of Free instances converting to paid plans” and “we started to see a slower rate of growth in paid seats from existing customers as companies slowed their pace of hiring.”
In response to these events, certain analysts expressed surprise and downgraded Atlassian shares, sending the price of Atlassian shares crashing nearly 29% lower on Nov. 4, 2022.
“We’re focused on investors’ losses and proving Defendants misled investors about known adverse trends in Atlassian’s business,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Atlassian and have substantial losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Atlassian should consider their options to assist in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases of achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895