PATH - UiPath Shareholders with Questions About the PATH Class Action Lawsuit Should Contact Robbins LLP for Information | Benzinga
SAN DIEGO, Oct. 16, 2023 (GLOBE NEWSWIRE) --
The Class: Shareholder rights law firm Robbins LLP reminds investors that a shareholder filed a securities fraud class action lawsuit on September 6, 2023, in the U.S. District Court for the Southern District of New York (the "Court") on behalf of purchasers of UiPath, Inc. (NYSE:PATH) common stock between April 21, 2021 and March 30, 2022. The complaint alleges violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact attorney Aaron Dumas, Jr. of Robbins LLP at (800) 350-6003, via the shareholder information form on our website, or by e-mail.
The Details: UiPath, Inc. (PATH) Misled Investors Regarding Its Business and Key Financial Metrics
UiPath is a global provider of robotic process automation ("RPA") software. RPA software allows companies to use installed "robots" to execute mundane and menial tasks on behalf of their employees, freeing up those employees to perform more valuable tasks.
On April 21, 2021, defendants conducted UiPath's initial public offering ("IPO"). Leading up to the IPO, defendants claimed that UiPath was experiencing exceptional growth and was competitively positioned to continue these robust growth trends into the future. IPO documents represented that the Company had grown its annualized renewal run-rate ("ARR") to more than $580 million in the fiscal year ended January 31, 2021, representing 65% year-over-year growth, and its revenues to more than $600 million during this same period, representing 81% year-over-year growth.
Following the IPO, defendants continued to claim that UiPath was undergoing "record" growth and attributed UiPath's apparent success in the burgeoning ...