PATH - Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against UiPath Inc. (PATH) | Benzinga

NEW YORK, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired UiPath, Inc. ("UiPath" or the "Company") (NYSE:PATH) securities between April 21, 2021 and March 30, 2022, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company had enacted a widespread discounting program prior to its IPO, which had the effect of temporarily boosting the Company's revenue and annualized recurring revenue ("ARR") metrics, cannibalizing its future sales, eroding the Company's margins, and increasing the risk of client churn; (ii) the Company's actual total addressable market was not as large as portrayed by Defendants, because many companies included in UiPath's market survey did not ...

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