UiPath Sued for Securities Fraud
- A lawsuit has been filed against UiPath, Inc. by the law firm Berger Montague, alleging securities fraud.
- The lawsuit may affect investor confidence in the company and its market performance.
- Investors are encouraged to seek further information to understand the implications of this legal action.
Philadelphia, Pennsylvania—A lawsuit has been initiated by the law firm Berger Montague PC against UiPath, Inc. (NYSE: PATH) on behalf of investors who purchased the company's securities between December 1, 2023, and May 29, 2024. Investors interested in participating as lead plaintiffs must act by August 19, 2024. The complaint alleges that during the specified period, UiPath made materially false and misleading statements regarding its turnaround strategy, claiming successful execution and positive results in deal and customer quality. The lawsuit follows the unexpected resignation of CEO Robert Enslin on May 29, 2024, which triggered a significant drop in UiPath's stock price. Following the announcement, shares plummeted by $6.23, or over 34%, closing at $12.07 on May 30, 2024, down from $18.30 the previous day. This sharp decline has raised concerns among investors about the company's stability and the veracity of its prior claims. Investors wishing to take part in the litigation can contact Berger Montague for further information. The firm has a long-standing history of representing both individual and institutional investors across the United States. A lead plaintiff will be selected to represent the class, but participation as a lead plaintiff is not a requirement for investors to share in any potential recovery from the lawsuit. Berger Montague emphasizes that any member of the class can seek to serve as a lead plaintiff through their chosen counsel or remain an inactive member without affecting their ability to recover.