San Diego, CA -- (SBWire) -- 02/14/2023 --An investor, who purchased shares of Atlassian Corporation (NASDAQ: TEAM), filed a lawsuit over alleged violations of Federal Securities Laws by Atlassian Corporation.
Investors who purchased shares of Atlassian Corporation (NASDAQ: TEAM) have certain options and for certain investors are short and strict deadlines running. Deadline: April 4, 2023. NASDAQ: TEAM investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Australia based Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. The Company generates revenue primarily from license subscriptions. Subscription revenue growth is derived both from free users who convert to paying customers when they exceed the cap on free licenses and from existing paying users who expand their existing subscriptions. In 2020, Atlassian began to transition clients to the cloud, which has accounted for a rapidly growing portion of the Company's revenues.
In the spring and summer of 2022, as macroeconomic conditions deteriorated and Atlassian's competitors lowered their revenue guidance, Atlassian Corporation denied that these conditions were having a materially negative impact on the Company.
Then on November 3, 2022, Atlassian Corporation revealed in a letter to shareholders, 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."
Shares of Atlassian Corporation (NASDAQ: TEAM) declined to $113.86 per share on November 21, 2022.
The plaintiff claims that between August 5, 2022 and November 3, 2022, the Defendants misled investors and/or failed to disclose that macroeconomic factors were having a material adverse impact on Atlassian's business, that the slowing conversions from free to paid customers the Company was experiencing constituted a negative trend, that paid user growth also had slowed, and that 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.
Those who purchased shares of Atlassian Corporation (NASDAQ: TEAM) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ:TEAM Investor Alert: Lawsuit Alleges False and Misleading Statements by Atlassian Corporation
A lawsuit was filed on behalf of investors in Atlassian Corporation (NASDAQ:TEAM) shares over alleged securities laws violations.