SAN DIEGO, July 19, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of all investors who purchased or otherwise acquired MongoDB, Inc. (NASDAQ:MDB) securities between August 31, 2023 and May 30, 2024. MongoDB is an American software company that designs, develops, manufactures, and sells developer data platforms and integrated services systems through its document-oriented database program.
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The Allegations: Robbins LLP is Investigating Allegations that MongoDB, Inc. (MDB) Misled Investors Regarding its Business Prospects
The complaint alleges that during the class period defendants disseminated materially false and misleading statements and/or concealed material adverse facts related to MongoDB's sales force incentive restructure, including: a significant reduction in the information gathered by their sales force as to the trajectory for the new Atlas enrollments without upfront commitments; reduced pressure on new enrollments to grow; and a significant loss of revenue from unused commitments. Such statements absent these material facts caused investors to purchase MongoDB's securities at artificially inflated prices.
The complaint continues that investors began to question the veracity of defendants' public statements on March 7, 2024, during MongoDB's earnings call following ...