SAN DIEGO, Feb. 26, 2025 /PRNewswire/ — Robbins LLP reminds stockholders that a class action was filed on behalf of all persons and entities that purchased or otherwise acquired Elastic N.V. (NYSE: ESTC) securities between May 31, 2024 and August 29, 2024. Elastic describes itself as “the Search AI [artificial intelligence] Company[.]”
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Elastic N.V. (ESTC) Misled Investors Regarding the Stability of its Sales Operations
According to the complaint, during the class period, defendants failed to disclose that: (i) Elastic had implemented significant changes to its sales operations, particularly with respect to its customer segments in the Americas; (ii) the foregoing changes were likely to, and did, disrupt Elastic’s sales operations during the first quarter of its FY 2025; (iii) accordingly, Defendants had overstated the stability of Elastic’s sales operations; (iv) as a result of all the foregoing, Elastic was unlikely to meet its own previously issued revenue guidance for its FY 2025; and (v) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
The complaint alleges that on August 29, 2024, Elastic announced financial results for first quarter FY 2025, including that the Company was slashing its FY 2025 revenue guidance. On this news, Elastic’s ordinary share price fell $27.45 per share, or 26.49%, to close at $76.19 per share on August 30, 2024.
What Now: You may be eligible to participate in the class action against Elastic N.V. Shareholders who want to serve as lead plaintiff for the class must do so by April 14, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.
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SOURCE Robbins LLP