NEW YORK, March 13, 2023 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Atlassian Corporation (“Atlassian” or the “Company”) (NASDAQ: TEAM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Atlassian and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 3, 2022, Atlassian issued a letter to shareholders and held a conference call with analysts to discuss its financial results for the fiscal first quarter of 2023 ended September 30, 2022. In the letter, the Company revealed that “[b]ased on the macro headwinds,” it was “lowering our Cloud revenue growth outlook to a range of approximately 40% to 45% year-over-year” for fiscal year 2023. In describing the “macro impacts” on the Company, the letter revealed that (1) Atlassian “saw a decrease in the rate of Free instances converting to paid plans,” calling it a “trend [that] became more pronounced” in the quarter and (2) Atlassian experienced “a slowing in the rate of paid user growth from existing customer.”
On this news, Atlassian’s stock price fell $50.44 per share, or 28.96%, to close at $123.73 per share on November 4, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP