PATH Investors Have Opportunity to Lead UiPath Inc. Securities Fraud Lawsuit
LOS ANGELES, Nov. 2, 2023 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against UiPath Inc. ("UiPath" or the "Company") (NYSE: PATH).
Class Period: April 21, 2021 – March 20, 2022
Lead Plaintiff Deadline: November 6, 2023
If you are a shareholder who suffered a loss, click here to participate.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors: (1) that UiPath had enacted a widespread discounting program prior to the IPO, which had the effect of temporarily boosting the Company's revenue and ARR metrics, cannibalizing its future sales, eroding the Company's margins, and increasing the risk of client churn; (2) that UiPath's actual total addressable market was not as large as portrayed by defendants, because many companies included in the market survey did not need the type of high-cost, high-functionality automation products offered by the Company; (3) that UiPath was losing customers to Microsoft, ServiceNow, SAP, Salesforce, IBM, and other established enterprise software vendors that were building automation into their platforms; (4) that UiPath was losing customers due to the increased availability of lowcode 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; (5) that UiPath was suffering from a loss of channel sales due to strained relationships with the Company's partners as a result of increased competition between UiPath and these partners; and (6) 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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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, 1999 Avenue of the Stars, Suite 1100, Los Angeles, 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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SOURCE The Law Offices of Frank R. Cruz, Los Angeles
