Shareholders with $100,000 losses or more are encouraged to contact the firm.
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Atlassian Corporation (“Atlassian” or the “Company”) (NASDAQ: TEAM) ordinary shares and/or common stock between August 5, 2022 and November 3, 2022, inclusive (the “Class Period”). Atlassian investors have until April 4, 2023 to file a lead plaintiff motion.
Investors suffering losses on their Atlassian investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On November 3, 2022, Atlassian disclosed that “[b]ased on the macro headwinds,” the Company was “lowering [its] Cloud revenue growth outlook to a range of approximately 40% to 45% year-over-year” for fiscal year 2023. The Company further explained that it had seen a “decrease in the rate of Free instances converting to paid plans” and that it had experienced a “slowing in the rate of paid user growth from existing customers.”
On this news, Atlassian’s stock price fell $50.44, or 29%, to close at $123.73 per share on November 4, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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; (3) paid user growth also had slowed; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Atlassian stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230209005273/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
