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A lawsuit was filed on behalf of investors in MongoDB, Inc. (NASDAQ: MDB) shares over alleged securities laws violations.

An investor, who purchased shares of MongoDB, Inc. (NASDAQ: MDB), filed a lawsuit over alleged violations of Federal Securities Laws by MongoDB, Inc. in connection with certain allegedly false and misleading statements made between August 31, 2023 and May 30, 2024.

Investors who purchased shares of MongoDB, Inc. (NASDAQ: MDB) have certain options and for certain investors are short and strict deadlines running. Deadline: September 9, 2024. NASDAQ: MDB investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.

New York based MongoDB, Inc., together with its subsidiaries, provides general purpose database platform worldwide.

MongoDB, Inc. reported that its Total Revenue rose from over $1.28 billion for the 12 months period that ended on January 31, 2023, to over $1.68 billion for the 12 months period that ended on January 31, 2024, and that its Net Loss over those respective time periods declined from $345.39 million to $176.6 million.

On March 7, 2024, MongoDB, Inc. allegedly announced that due to the sales restructuring, it experienced an annual decrease of approximately $40 million in multiyear license revenue, anticipated near zero revenue from unused Atlas commitments (one of its core offerings) in fiscal year 2025, and provided a disappointing revenue growth forecast that trailed that of the prior year.

Then, on May 30, 2024, MongoDB, Inc. again announced significantly reduced growth expectations, this time cutting fiscal year 2025 growth projections further, again attributing the losses to the sales force restructuring.

Shares of MongoDB, Inc. (NASDAQ: MDB) declined from $459.78 per share on February 20, 2024, to $217.95 per share on June 13, 2024.

The plaintiff alleges on behalf of purchasers of MongoDB, Inc. (NASDAQ: MDB) common shares between August 31, 2023 and May 30, 2024, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 31, 2023 and May 30, 2024, the 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 purchasers of MongoDB, Inc. (NASDAQ: MDB) common shares between August 31, 2023 and May 30, 2024 by materially misleading the investing public.

Those who purchased shares of MongoDB, Inc. (NASDAQ: MDB) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.

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