SAN DIEGO, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that the Elastic class action lawsuit seeks to represent purchasers or acquirers of Elastic N.V. (NYSE: ESTC) securities between May 31, 2024 and August 29, 2024, inclusive (the “Class Period”). Captioned Lucid Alternative Fund, LP v. Elastic N.V., No. 25-cv-00785 (E.D.N.Y.), the Elastic class action lawsuit charges Elastic and certain of Elastic’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Elastic class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-elastic-n-v-class-action-lawsuit-estc.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.
CASE ALLEGATIONS: Elastic is a search artificial intelligence company that delivers hosted and managed solutions designed to run in hybrid, public or private clouds, and multi-cloud environments.
The Elastic class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or 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 fiscal year 2025; (iii) accordingly, defendants had overstated the stability of Elastic’s sales operations; and (iv) as a result, Elastic was unlikely to meet its own previously issued revenue guidance for its fiscal year 2025.
The Elastic class action lawsuit further alleges that on August 29, 2024, Elastic announced its financial results for the first quarter of its fiscal year 2025, disclosing that Elastic had slashed its fiscal year 2025 revenue guidance to a range of $1.436 billion to $1.444 billion, representing 14% year-over-year growth at the midpoint – significantly down from Elastic’s prior fiscal year 2025 revenue guidance of $1.468 billion to $1.48 billion, or 16% year-over-year growth at the midpoint – citing “a slower start to the year with the volume of customer commitments impacted by segmentation changes that we made at the beginning of the year, which are taking longer than expected to settle.” On this news, the price of Elastic stock fell more than 26%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Elastic securities during the Class Period to seek appointment as lead plaintiff in the Elastic class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Elastic class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Elastic class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Elastic class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com