Class action lawsuits filed against GitLab and others in New York

On September 22, 2024, Bragar Eagel & Squire, P.C., a law firm specializing in shareholder rights, announced the initiation of class action lawsuits against GitLab Inc., Agenus Inc., New Fortress Energy Inc., and ZoomInfo Technologies Inc. These lawsuits are on behalf of stockholders who allege that the companies made materially false and misleading statements regarding their business operations and financial prospects. The class periods for these lawsuits vary, with GitLab's period spanning from June 6, 2023, to March 4, 2024. The complaint against GitLab claims that the company misled investors about its ability to develop AI features that would enhance its DevSecOps platform. Following the release of disappointing financial forecasts, GitLab's stock price plummeted by approximately 21% in a single day. Similarly, Agenus is accused of overstating the effectiveness of its combination therapy, which has led to significant investor losses. New Fortress Energy faces allegations of creating a false impression regarding its revenue outlook and growth potential, particularly concerning its Fast Liquefied Natural Gas projects. The company reportedly failed to meet its operational timelines, resulting in substantial financial losses. ZoomInfo Technologies is also under scrutiny for allegedly inflating its financial results and using coercive tactics to retain customers, which has damaged its reputation and customer relationships. These lawsuits highlight the ongoing challenges faced by investors in the tech and energy sectors, as companies navigate complex market conditions and regulatory environments. The outcomes of these cases could have significant implications for the companies involved and their shareholders, as they seek to recover losses attributed to misleading information.