Month: August 2024
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DekaBank Deutsche Girozentrale trimmed its position in shares of MongoDB, Inc. (NASDAQ:MDB – Free Report) by 10.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 45,196 shares of the company’s stock after selling 5,335 shares during the period. DekaBank Deutsche Girozentrale owned 0.06% of MongoDB worth $16,159,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of MDB. Raymond James Financial Services Advisors Inc. boosted its stake in shares of MongoDB by 64.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 5,637 shares of the company’s stock valued at $2,305,000 after buying an additional 2,213 shares during the period. Blue Trust Inc. increased its position in MongoDB by 937.5% during the fourth quarter. Blue Trust Inc. now owns 83 shares of the company’s stock worth $34,000 after buying an additional 75 shares during the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in MongoDB during the fourth quarter worth $58,000. Arizona State Retirement System increased its position in MongoDB by 1.8% during the fourth quarter. Arizona State Retirement System now owns 19,609 shares of the company’s stock worth $8,017,000 after buying an additional 353 shares during the last quarter. Finally, International Assets Investment Management LLC increased its position in MongoDB by 31,796.1% during the fourth quarter. International Assets Investment Management LLC now owns 89,947 shares of the company’s stock worth $36,775,000 after buying an additional 89,665 shares during the last quarter. Institutional investors and hedge funds own 89.29% of the company’s stock.
MongoDB Price Performance
Shares of NASDAQ MDB traded down $6.63 during mid-day trading on Friday, hitting $232.70. 1,670,602 shares of the stock were exchanged, compared to its average volume of 1,409,477. The company has a market cap of $17.07 billion, a P/E ratio of -82.81 and a beta of 1.13. The stock’s fifty day simple moving average is $249.70 and its two-hundred day simple moving average is $341.18. The company has a debt-to-equity ratio of 0.90, a quick ratio of 4.93 and a current ratio of 4.93. MongoDB, Inc. has a twelve month low of $214.74 and a twelve month high of $509.62.
MongoDB (NASDAQ:MDB – Get Free Report) last posted its quarterly earnings data on Thursday, May 30th. The company reported ($0.80) earnings per share for the quarter, hitting the consensus estimate of ($0.80). The company had revenue of $450.56 million during the quarter, compared to analyst estimates of $438.44 million. MongoDB had a negative net margin of 11.50% and a negative return on equity of 14.88%. As a group, analysts forecast that MongoDB, Inc. will post -2.67 EPS for the current fiscal year.
Insider Activity at MongoDB
In related news, CRO Cedric Pech sold 273 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $265.29, for a total value of $72,424.17. Following the completion of the sale, the executive now owns 35,719 shares of the company’s stock, valued at $9,475,893.51. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other MongoDB news, CRO Cedric Pech sold 273 shares of MongoDB stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $265.29, for a total transaction of $72,424.17. Following the completion of the sale, the executive now owns 35,719 shares of the company’s stock, valued at approximately $9,475,893.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Dennis Mcmahon sold 10,000 shares of MongoDB stock in a transaction on Monday, June 24th. The stock was sold at an average price of $228.00, for a total transaction of $2,280,000.00. Following the sale, the director now directly owns 20,020 shares of the company’s stock, valued at approximately $4,564,560. The disclosure for this sale can be found here. Insiders sold a total of 28,179 shares of company stock valued at $6,906,989 over the last quarter. Corporate insiders own 3.60% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms have commented on MDB. Wells Fargo & Company lowered their target price on shares of MongoDB from $450.00 to $300.00 and set an “overweight” rating on the stock in a research report on Friday, May 31st. Monness Crespi & Hardt raised shares of MongoDB to a “hold” rating in a research report on Tuesday, May 28th. Canaccord Genuity Group lowered their target price on shares of MongoDB from $435.00 to $325.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. Tigress Financial lowered their price target on MongoDB from $500.00 to $400.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Finally, Barclays lowered their price target on MongoDB from $458.00 to $290.00 and set an “overweight” rating on the stock in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, five have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $355.74.
Read Our Latest Stock Analysis on MDB
About MongoDB
MongoDB, Inc, together with its subsidiaries, provides general purpose database platform worldwide. The company provides MongoDB Atlas, a hosted multi-cloud database-as-a-service solution; MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in the cloud, on-premises, or in a hybrid environment; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB.
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The worldwide data management software market is massive (According to IDC, the worldwide database software market, which it refers to as the database management systems software market, was forecasted to be approximately $82 billion in 2023 growing to approximately $137 billion in 2027. This represents a 14% compound annual growth rate). At MongoDB we are transforming industries and empowering developers to build amazing apps that people use every day. We are the leading developer data platform and the first database provider to IPO in over 20 years. Join our team and be at the forefront of innovation and creativity.
MongoDB is the fastest-growing database, and the MongoDB community is transforming industries with incredibly innovative applications. To help fuel and manage this growth, we are hiring a Senior Recruiter within our Customer Engineering team, to build influential relationships with hiring managers and business leaders, while successfully bringing top-tier talent into the business.
As a Senior Recruiter, you are responsible for all parts of the recruitment life cycle. This includes sourcing and partnering with our Sourcing Specialists to build strong candidate pipelines; partnering with and guiding hiring managers throughout the hiring journey; and using data to analyse progress and steer hiring in the right direction; whilst ensuring an exceptional candidate experience. If you thrive in a fast-paced, agile and collaborative environment, the role could be ideal for you.
This is a contract role through to January 31st, 2025. We are looking to speak to candidates who are based in Bangalore or Gurgaon office for our hybrid working model.
On any given day you will
- Act as a trusted advisor to hiring managers, partnering with them on everything from setting data-driven recruiting strategies to closing candidates
- Develop sourcing strategies to generate a sufficient pipeline, using a variety of innovative techniques including social networking and direct sourcing
- Engage with candidates from the screening process through to offer negotiation
- Leverage Greenhouse to track candidate progress through the funnel and keep consistently clean data for reporting
- Establish relationships with client groups to understand their business objectives and challenges, to ensure the selection process results in quality hires
- Partner with the broader HR team on compensation, benefits, global mobility and everything in between
- Create and ensure best-in-class candidate experience throughout the full hiring process
About you
- You’re smart, passionate and driven
- Have 5+ years of sourcing and full-cycle recruiting experience, ideally gained from a mix of internal and agency environments
- Possess a data-driven mentality, with a demonstrated ability to use data to shape your recruiting strategy
- Ability to work in a fast-paced environment that’s constantly evolving
- You’re flexible able to wear many hats, and able to contribute to hiring needs in various locations, time zones, and business units if necessary
- Come with previous experience supporting technical roles (strongly preferred)
- Bachelor’s degree and/or equivalent experience
To drive the personal growth and business impact of our employees, we’re committed to developing a supportive and enriching culture for everyone. From employee affinity groups, to fertility assistance and a generous parental leave policy, we value our employees’ wellbeing and want to support them along every step of their professional and personal journeys. Learn more about what it’s like to work at MongoDB, and help us make an impact on the world!
MongoDB is committed to providing any necessary accommodations for individuals with disabilities within our application and interview process. To request an accommodation due to a disability, please inform your recruiter.
*MongoDB is an equal opportunities employer.*
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NEW YORK, Aug. 03, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against MongoDB, Inc. (“MongoDB” or the “Company”) (NASDAQ: MDB). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether MongoDB and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until September 9, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired MongoDB securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On March 7, 2024, MongoDB issued a press release announcing its fiscal year 2024 earnings and held a related earnings call that same day. Among other items, MongoDB announced an anticipated near-zero revenue from unused commitments for the Company’s MongoDB Atlas platform in fiscal year 2025, a decrease of approximately $40 million in revenue, attributed to the Company’s decision to change their sales incentive structure to reduce enrollment. Additionally, MongoDB projected only 14% growth for fiscal year 2025, compared to projected 16% growth for the previous year, which had resulted in an actualized 31% growth.
On this news, MongoDB’s stock price fell $28.59 per share, or 6.94%, to close at $383.42 per share on March 8, 2024.
Then, on May 30, 2024, MongoDB again announced significantly reduced growth projections for fiscal year 2025. The Company attributed the reduction to its decision to change its sales incentive structure to reduce enrollment frictions, as well as purportedly unanticipated macroeconomic headwinds.
On this news, Mongo’s stock price fell $73.94 per share, or 23.85%, to close at $236.06 per share on May 31, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
646-581-9980 ext. 7980
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New York, New York–(Newsfile Corp. – August 3, 2024) – WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of MongoDB, Inc. (NASDAQ: MDB) between August 31, 2023 and May 30, 2024, both dates inclusive (the “Class Period”), of the important September 9, 2024 lead plaintiff deadline.
SO WHAT: If you purchased MongoDB securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the MongoDB class action, go to https://rosenlegal.com/submit-form/?case_id=27182 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 9, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants created the false impression that they possessed reliable information pertaining to the Company’s projected revenue outlook and anticipated growth while also minimizing risk from seasonality and macroeconomic fluctuations. In truth, MongoDB’s sales force restructure, which prioritized reducing friction in the enrollment process, had resulted in complete loss of upfront commitments; a significant reduction in the information gathered by their sales force as to the trajectory for the new MongoDB Atlas enrollments; and reduced pressure on new enrollments to grow. Defendants misled investors by providing the public with materially flawed statements of confidence and growth projections which did not account for these variables. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the MongoDB class action, go to https://rosenlegal.com/submit-form/?case_id=27182 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
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NEW YORK, NY / ACCESSWIRE / August 2, 2024 / If you suffered a loss on your MongoDB, Inc. (NASDAQ:MDB) investment and want to learn about a potential recovery under the federal securities laws, follow the link below for more information:
https://zlk.com/pslra-1/mongodb-inc-lawsuit-submission-form?prid=93666&wire=1
or contact Joseph E. Levi, Esq. via email at [email protected] or call (212) 363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: A class action securities lawsuit was filed against MongoDB, Inc. that seeks to recover losses of shareholders who were adversely affected by alleged securities fraud between August 31, 2023 and May 30, 2024.
CASE DETAILS: According to the complaint, on March 7, 2024, MongoDB reported strong Q4 2024 results and then announced lower than expected full-year guidance for 2025. MongoDB attributed it to the Company’s change in its “sales incentive structure” which led to a decrease in revenue related to “unused commitments and multi-year licensing deals.”
Following this news, MongoDB’s stock price fell by $28.59 per share to close at $383.42 per share.
Later, on May 30, 2024, MongoDB further lowered its guidance for the full year 2025 attributing it to “macro impacting consumption growth.” Analysts commenting on the reduced guidance questioned if changes made to the Company’s marketing strategy “led to change in customer behavior and usage patterns.”
Following this news, MongoDB’s stock price fell by $73.94 per share to close at $236.06 per share.
WHAT’S NEXT? If you suffered a loss in MongoDB stock during the relevant time frame – even if you still hold your shares – go to https://zlk.com/pslra-1/mongodb-inc-lawsuit-submission-form?prid=93666&wire=1 to learn about your rights to seek a recovery. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
https://zlk.com/
SOURCE: Levi & Korsinsky, LLP
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iA Global Asset Management Inc. trimmed its position in shares of MongoDB, Inc. (NASDAQ:MDB – Free Report) by 58.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,781 shares of the company’s stock after selling 9,605 shares during the quarter. iA Global Asset Management Inc.’s holdings in MongoDB were worth $2,432,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in the company. Raymond James Financial Services Advisors Inc. lifted its position in shares of MongoDB by 64.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 5,637 shares of the company’s stock worth $2,305,000 after buying an additional 2,213 shares during the last quarter. Blue Trust Inc. boosted its position in MongoDB by 937.5% during the fourth quarter. Blue Trust Inc. now owns 83 shares of the company’s stock worth $34,000 after purchasing an additional 75 shares during the period. Caprock Group LLC bought a new stake in MongoDB during the fourth quarter worth approximately $220,000. Realta Investment Advisors bought a new position in shares of MongoDB in the fourth quarter valued at approximately $212,000. Finally, Mayflower Financial Advisors LLC lifted its stake in shares of MongoDB by 7.5% in the fourth quarter. Mayflower Financial Advisors LLC now owns 716 shares of the company’s stock worth $293,000 after buying an additional 50 shares during the last quarter. Institutional investors own 89.29% of the company’s stock.
Insider Activity at MongoDB
In other MongoDB news, CRO Cedric Pech sold 273 shares of the company’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $265.29, for a total transaction of $72,424.17. Following the transaction, the executive now owns 35,719 shares of the company’s stock, valued at approximately $9,475,893.51. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director John Dennis Mcmahon sold 10,000 shares of MongoDB stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $228.00, for a total transaction of $2,280,000.00. Following the completion of the sale, the director now owns 20,020 shares in the company, valued at approximately $4,564,560. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CRO Cedric Pech sold 273 shares of the company’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $265.29, for a total transaction of $72,424.17. Following the sale, the executive now owns 35,719 shares of the company’s stock, valued at approximately $9,475,893.51. The disclosure for this sale can be found here. Insiders sold a total of 28,179 shares of company stock valued at $6,906,989 over the last quarter. Corporate insiders own 3.60% of the company’s stock.
MongoDB Price Performance
NASDAQ:MDB traded down $6.63 on Friday, reaching $232.70. The stock had a trading volume of 1,670,118 shares, compared to its average volume of 1,527,879. The company has a quick ratio of 4.93, a current ratio of 4.93 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $17.07 billion, a P/E ratio of -82.40 and a beta of 1.13. MongoDB, Inc. has a 1-year low of $214.74 and a 1-year high of $509.62. The stock has a fifty day moving average price of $252.04 and a 200-day moving average price of $342.28.
MongoDB (NASDAQ:MDB – Get Free Report) last posted its earnings results on Thursday, May 30th. The company reported ($0.80) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.80). The company had revenue of $450.56 million during the quarter, compared to analysts’ expectations of $438.44 million. MongoDB had a negative net margin of 11.50% and a negative return on equity of 14.88%. Research analysts forecast that MongoDB, Inc. will post -2.67 EPS for the current year.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on the stock. Barclays lowered their target price on shares of MongoDB from $458.00 to $290.00 and set an “overweight” rating on the stock in a research note on Friday, May 31st. Needham & Company LLC reissued a “buy” rating and set a $290.00 price objective on shares of MongoDB in a research report on Thursday, June 13th. Canaccord Genuity Group lowered their target price on MongoDB from $435.00 to $325.00 and set a “buy” rating on the stock in a report on Friday, May 31st. Wells Fargo & Company cut their price target on MongoDB from $450.00 to $300.00 and set an “overweight” rating for the company in a report on Friday, May 31st. Finally, JMP Securities lowered their price objective on shares of MongoDB from $440.00 to $380.00 and set a “market outperform” rating on the stock in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $355.74.
Check Out Our Latest Report on MongoDB
MongoDB Company Profile
MongoDB, Inc, together with its subsidiaries, provides general purpose database platform worldwide. The company provides MongoDB Atlas, a hosted multi-cloud database-as-a-service solution; MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in the cloud, on-premises, or in a hybrid environment; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB.
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NEW YORK, Aug. 02, 2024 (GLOBE NEWSWIRE) —
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of MongoDB, Inc. (NASDAQ: MDB) between August 31, 2023 and May 30, 2024, both dates inclusive (the “Class Period”), of the important September 9, 2024 lead plaintiff deadline.
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NEW YORK, Aug. 02, 2024 (GLOBE NEWSWIRE) —
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of MongoDB, Inc. (NASDAQ: MDB) between August 31, 2023 and May 30, 2024, both dates inclusive (the “Class Period”), of the important September 9, 2024 lead plaintiff deadline.
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MongoDB (MDB) Class Action Alert: Shareholders Have Begun Scrutinizing Sales Incentives
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SAN DIEGO, Aug. 02, 2024 (GLOBE NEWSWIRE) — Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of MongoDB, Inc. (NASDAQ: MDB).
There is no cost or obligation to you.
CLASS PERIOD: August 31, 2023 – May 30, 2024
LEAD PLAINTIFF DEADLINE: September 9, 2024
DOCKET #: 24-CV-05191
ALLEGATIONS: Materially false and misleading statements
Contact for More Information: James Baker, (619) 814-4471, jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
The complaint alleges Defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning related to MongoDB’s sales force incentive restructure, including: a significant reduction in the information gathered by their sales force as to the trajectory for the new Atlas enrollments without upfront commitments; reduced pressure on new enrollments to grow; and a significant loss of revenue from unused commitments. Such statements absent these material facts caused Plaintiff and other shareholders to purchase MongoDB’s securities at artificially inflated prices.
However, Investors began to question the veracity of Defendants’ public statements on March 7, 2024, during MongoDB’s earnings call following a same day press release announcing its fiscal year 2024 earnings. In pertinent part, Defendants announced an anticipated near zero revenue from unused Atlas commitments in fiscal year 2025, a decrease of approximately $40 million in revenue, attributed to the Company’s decision to change their sales incentive structure to reduce enrollment 3 frictions. Additionally, MongoDB provided estimated growth for the fiscal year 2025 (ending January 31, 2025). In particular, Defendants projected only 14% growth, compared to projected 16% for the previous year which had resulted in an actualized 31% growth.
The Complaint alleges that during the Class Period, Defendants made materially false and misleading statements and engaged in a scheme to deceive the market and a course of conduct that artificially inflated the price of MongoDB’s common stock and operated as a fraud or deceit on Class Period purchasers of MongoDB’s common stock by materially misleading the investing public.
Investor Action Steps: Shareholders who incurred losses during the class period, have until September 9, 2024, to move the court to become a lead plaintiff in this action. A lead plaintiff will act 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 class-action lawsuit. An investor’s ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
About Johnson Fistel, LLP | Top Law Firm, Securities Fraud, Investors Rights:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. We also extend our services to foreign investors who have purchased on US exchanges. Stay updated with news on stock drops and learn how Johnson Fistel, LLP can help you recover your losses. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.
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Services may be performed by attorneys in any of our offices.
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Contact:
Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
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/EIN News/ — SAN DIEGO, Aug. 01, 2024 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a shareholder filed a class action on behalf of all investors who purchased or otherwise acquired MongoDB, Inc. (NASDAQ: MDB) securities between August 31, 2023 and May 30, 2024. MongoDB is an American software company that designs, develops, manufactures, and sells developer data platforms and integrated services systems through its document-oriented database program.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that MongoDB, Inc. (MDB) Misled Investors Regarding its Business Prospects
The complaint alleges that during the class period defendants disseminated materially false and misleading statements and/or concealed material adverse facts related to MongoDB’s sales force incentive restructure, including: a significant reduction in the information gathered by their sales force as to the trajectory for the new Atlas enrollments without upfront commitments; reduced pressure on new enrollments to grow; and a significant loss of revenue from unused commitments. Such statements absent these material facts caused investors to purchase MongoDB’s securities at artificially inflated prices.
The complaint continues that investors began to question the veracity of defendants’ public statements on March 7, 2024, during MongoDB’s earnings call following a same day press release announcing its fiscal year 2024 earnings. Defendants purportedly announced an anticipated near zero revenue from unused Atlas commitments in fiscal year 2025, a decrease of approximately $40 million in revenue, attributed to the Company’s decision to change their sales incentive structure to reduce enrollment frictions. Additionally, MongoDB provided estimated growth for the fiscal year 2025 of just 14% growth, compared to projected 16% for the previous year, which had resulted in an actualized 31% growth. On this news, the price of MongoDB’s common stock declined from a closing market price of $412.01 per share on March 7, 2024, to $383.42 per share on March 8, 2024.
Plaintiff alleges that notwithstanding the March 7 disclosures, defendants continued to mislead investors as they continued to create the false impression that they possessed reliable information pertaining to the Company’s projected revenue outlook and anticipated growth while also minimizing risk from seasonality and macroeconomic fluctuations.
The truth finally emerged on May 30, 2024, when MongoDB again announced significantly reduced growth expectations, this time cutting fiscal year 2025 growth projections further, again attributing the losses to the Company’s decision to change their sales incentive structure to reduce enrollment frictions, along with some allegedly unanticipated macro headwinds. On this news, the price of MongoDB’s common stock declined from $310.00 per share on May 30, 2024, to $236.06 per share on May 31, 2024, a decline of nearly 24%.
What Now: You may be eligible to participate in the class action against MongoDB, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by September 9, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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MongoDB, Inc. Class Action Lawsuit
Shareholder sues MongoDB, Inc. for false statements about its business prospects
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