NEW YORK, March 11, 2023 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Atlassian Corporation Plc (“Atlassian” or the “Company”) (NASDAQ: TEAM) and reminds investors of the April 4, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Atlassian stock or options between August 5, 2022 and November 3, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/TEAM.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) macroeconomic factors were having a material adverse impact on Atlassian’s business; (2) the slowing conversions from free to paid customers the Company was experiencing constituted a negative trend; (3) paid user growth also had slowed; and (4) as a result, Defendants’ positive statements about the Company’s financial guidance, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
The truth emerged on November 3, 2022, when in a letter to shareholders, Defendants revealed that the Company was reducing its outlook for cloud revenue growth for fiscal year 2023, citing “macro headwinds.” The letter to shareholders also revealed that (1) the Company “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) the Company experienced “a slowing in the rate of paid user growth from existing customers.” In response to this news, shares of Atlassian declined approximately 29%, from a closing price of $174.17 per share on November 3, 2022, to a closing price of $123.73 per share on November 4, 2022.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Atlassian’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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