The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against UiPath Inc. (PATH)

Published 4 months ago via Business Wire

The Law Offices of Frank R. Cruz reminds investors of the upcoming August 19, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired UiPath Inc. (“UiPath” or the “Company”) (NYSE: PATH) securities between December 1, 2023 and May 29, 2024, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On May 29, 2024, UiPath released its quarterly financial results, disclosing that the Company was experiencing “contract execution challenges on large deals and certain sales compensation changes” which it is “working to rectify.” The Company stated that it had “incentivized a little bit less the multiyear deals, which . . . was an execution issue.” The Company also announced that CEO Rob Enslin is resigning from his position effective June 1, 2024, and will be replaced by former CEO Daniel Dines.

On this news, UiPath’s stock price fell $6.23, or 34%, to close at $12.07 per share on May 30, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) UiPath’s turnaround strategy had failed; (2) Fruitless investments and inconsistent execution plagued the Company’s overhauled go-to-market strategy; (3) UiPath’s AI-powered Business Automation Platform suffered from the Company’s inability to adequately scale its AI-powered tools and caused “confusion” among customers; (4) As a result of the foregoing, UiPath experienced significant difficulties closing and/or expanding large multiyear deals; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired UiPath securities during the Class Period, you may move the Court no later than August 19, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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