MongoDB, Inc. (MDB) investors who have suffered losses on their investment are urged to contact BFA Law regarding the securities fraud class action lawsuit

Investors have until September 9, 2024 to ask the court to be appointed to preside over the case. The complaint alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in MongoDB securities. The case is pending in the U.S. District Court for the Southern District of New York and is titled John Baxter vs. MongoDB, Inc., et al.no. 1:24-cv-05191.

What is the lawsuit about?

The complaint alleges that the company misrepresented the perceived benefits of its sales force restructuring, including how the restructuring helped reduce friction in acquiring new customers and increased the acquisition of new workload among existing customers.

These statements were allegedly materially false and misleading. In reality, MongoDB’s salesforce restructuring resulted in a near-complete loss of prior customer commitments, a significant reduction in actionable information collected by the salesforce, and hampered enrollment and revenue growth.

On March 7, 2024, the company reportedly announced that it was experiencing an annual decline of approximately $40 million in multi-year license revenue due to sales restructuring, expected near-zero revenue from unused Atlas commitments (one of its core offerings) in fiscal 2025, and provided a disappointing revenue growth forecast that fell short of the previous year. This news caused the price of MongoDB stock to drop by $28.59 per share, or approximately 7%, from $412.01 per share on March 7, 2024 to $383.42 per share on March 8, 2024.

Then, on May 30, 2024, the company announced significantly lowered growth expectations again, this time further reducing growth forecasts for fiscal year 2025, again attributing the losses to salesforce restructuring. On this news, MongoDB’s stock price fell by $73.94 per share, or nearly 24%, from $310.00 per share on May 30, 2024 to $236.06 per share on May 31, 2024.

Click here if you have suffered losses: https://www.bfalaw.com/cases-investigations/mongodb-inc.

What can you do?

If you have invested in MongoDB, Inc., you have rights and are encouraged to submit your information to speak with an attorney.

All representation is on a no cure no pay basis, it costs you nothing. Shareholders are not responsible for any legal costs or litigation expenses. The company will seek court approval for any costs and expenses. Send your details:

https://www.bfalaw.com/cases-investigations/mongodb-inc

Why Bleichmar Fonti & Auld LLP?

Bleichmar Fonti & Auld LLP is a leading global law firm representing plaintiffs in securities class action lawsuits and shareholder lawsuits. It was named one of the Top 5 Plaintiffs’ Law Firms for 2023 by ISS SCAS and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and Thompson Reuters. Among its recent notable successes, BFA has recovered over $900 million in equity from the board of directors of Tesla, Inc. (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, visit https://www.bfalaw.com.

https://www.bfalaw.com/cases-investigations/mongodb-inc

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To view the source version of this press release, visit https://www.newsfilecorp.com/release/221529

The MongoDB Registered (A) Stock at the time of news release with a rise of +16.35 % to 258.4EUR on the Tradegate exchange (August 30, 2024, 6:08 p.m.).

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