/EIN News/ -- NEW ORLEANS, July 17, 2024 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until September 9, 2024 to file lead plaintiff applications in a securities class action lawsuit against MongoDB, Inc. (NasdaqGM: MDB). This action is pending in the United States District Court for the Southern District of New York.

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MongoDB investors should visit us at https://claimsfiler.com/cases/nasdaq-mdb/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

MongoDB and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On May 30, 2024, the Company released its first quarter fiscal year 2025 results, disclosing significantly reduced growth expectations and cutting fiscal year 2025 growth projections, due to the Company’s decision to change its sales incentive structure to reduce enrollment frictions, along with some allegedly unanticipated macro headwinds.  

On this news, the price of MongoDB’s shares fell nearly 24%, from a closing price of $310.00 per share on May 30, 2024 to $236.06 per share on May 31, 2024.

The case is Baxter v. MongoDB, Inc., et al., 24-cv-05191.

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