BFA Law Announces Class Action Lawsuit

NEW YORK, July 11, 2024 (GLOBE NEWSWIRE) — Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against MongoDB, Inc. (“MongoDB” or the “Company”) and certain members of the Company’s senior management team.

If you have suffered losses on your MongoDB investment, we encourage you to send your information to .

Investors have until September 9, 2024 to ask the Court to appoint it to hear the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in MongoDB securities between August 31, 2023 and May 30, 2024, inclusive. The case is pending in the United States District Court for the Southern District of New York and is titled John Baxter v. MongoDB, Inc. et al.No. 1:24-cv-05191.

What is the lawsuit about?

The complaint alleges that the Company misrepresented the alleged benefits of the sales force restructuring. This includes how the restructuring helped reduce friction in acquiring new customers and increased new business acquisition among existing customers.

These statements were allegedly materially false and misleading. In fact, the restructuring of MongoDB’s sales force led to a near complete loss of initial customer engagements, a significant reduction in the amount of actionable information collected by the sales force, and impeded revenue enrollment and growth.

On March 7, 2024, the Company reportedly announced that due to a sales restructuring, it had experienced a year-over-year decline in multi-year license revenue of approximately $40 million, expected near-zero revenue from unused Atlas commitments (one of its core offerings) in fiscal 2025, and provided a disappointing revenue growth forecast that was below prior-year guidance. This news caused MongoDB’s stock price to decline 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 again announced significantly lowered growth expectations, this time further lowering its growth outlook for fiscal 2025, again attributing the losses to a sales force restructuring. On this news, MongoDB’s stock price fell $73.94 per share, or almost 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: .

What can you do?

If you have invested in MongoDB, Inc. you have rights and we encourage you to provide your information to speak with an attorney.

All representations are provided on a commission basis, there are no costs for you. The shareholders are not liable for any legal fees or expenses associated with the litigation. The Company will seek court approval for all potential fees and expenses. Submit your information:

You can also contact us at:
Ross Shikowitz
[email protected]

Why Bleichmar Fonti & Auld LLP?

Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder disputes. It was named a Top 5 Plaintiffs’ Law Firm by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from the board of Tesla, Inc. (pending court approval) and $420 million from Teva Pharmaceutical Ind. Ltd.

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