NEW YORK, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against Dig UiPath Inc. (“UiPath” or the “Company”) (NYSE: PATH) for violations of the federal securities laws on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired UiPath securities between April 21, 2021 and March 30, 2022, both dates inclusive (the “Class Period”).
On September 6, 2023, a complaint was filed against the Company and certain of its officers alleging that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) UiPath had enacted a widespread discounting program prior to its Initial Public Offering, which had the effect of temporarily boosting UiPath's revenue and annualized recurring revenue metrics, cannibalizing its future sales, eroding UiPath’s margins, and increasing the risk of client churn; (ii) UiPath’s actual total addressable market was not as large as portrayed by defendants, because many companies included in UiPath’s market survey did not need the type of high-cost, high-functionality automation products offered by UiPath; (iii) UiPath was losing customers to Microsoft, ServiceNow, SAP, Salesforce, IBM, and other established enterprise software vendors that were building automation into their platforms; (iv) UiPath was losing customers due to the increased availability of low-code automation software offered by vendors, such as Microsoft’s Power Automate software, which were capable of addressing the majority of customer use cases at a fraction of the price of UiPath’s products and services; and (v) UiPath was suffering from a loss of channel sales due to strained relationships with UiPath’s partners as a result of increased competition between UiPath and these partners.
When investors learned the truth, UiPath’s common stock declined precipitously, injuring investors.
If you suffered a loss of more than $300,000 in UiPath’s securities, and wish to participate, or learn more, click here, or please contact our attorneys at (914) 733-7256 or via email to Andrea Farah (afarah@lowey.com) or Vincent R. Cappucci Jr. (vcappucci@lowey.com).
Any investor who wishes to serve as Lead Plaintiff must act before November 6, 2023.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.
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SOURCE: Lowey Dannenberg P.C.
