MONGODB shareholder warning from former Louisiana lawyer

NEW ORLEANS, July 23, 2024 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors that they have until 9 September 2024 to file lead plaintiff motions in a class action lawsuit against MongoDB, Inc. (NasdaqGM: MDB) in the U.S. District Court for the Southern District of New York.

What you can do

If you purchased MongoDB securities and would like to discuss your legal rights, how this case affects you and your right to recover your economic loss, you may contact Lewis Kahn, Managing Partner at KSF, at no obligation and at no cost, toll-free at 1-877-515-1850 or via email ([email protected]) or visit https://www.ksfcounsel.com/cases/nasdaqgm-mdb/ to learn more. If you wish to serve as lead plaintiff in this class action, you must move the Court by 9 September 2024.

About the lawsuit

MongoDB and certain of its executives are accused of failing to disclose material information during the Class Period, thereby violating the federal securities laws.

On May 30, 2024, the Company released its first quarter fiscal 2025 results, announcing significantly reduced growth expectations and a reduction in fiscal 2025 growth forecasts due to the Company’s decision to change its sales incentive structure to reduce enrollment frictions, as well as some reportedly unexpected macroeconomic headwinds.

On this news, MongoDB stock price fell nearly 24%, from a closing price of $310.00 per share on May 30, 2024, to $236.06 per share on May 31, 2024.

The case is Baxter v. MongoDB, Inc., et al., 24-cv-05191.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s leading boutique securities litigation firms. KSF serves a wide range of clients – including public institutional investors, hedge funds, asset managers and individual investors – in recovering investment losses resulting from corporate fraud or abuse of authority by publicly traded companies. KSF maintains offices in New York, Delaware, California, Louisiana and New Jersey.

To learn more about KSF, visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163