Case Summary

Amplitude

NASDAQ: AMPL

Case Details

  • Fagan v. Amplitude, Inc. et al.
  • Class Period:September 21, 2021 - February 16, 2022
  • Date Filed:02/14/2024
  • Jurisdiction:U.S. District Court, Northern District of California
  • Docket Number: 3:24-cv-00898
  • Lead Plaintiff Deadline: April 15, 2024
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Overview

A class action lawsuit has been filed against Amplitude, Inc. (“Amplitude” or the “Company”) (NASDAQ: AMPL) and certain of the Company’s current and former senior executive officers alleging violations of the Securities Exchange Act of 1934.  The Amplitude lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Amplitude securities between September 21, 2021 and February 16, 2022, both dates inclusive (the “Class Period”), and investors have until April 15, 2024 to seek appointment as lead plaintiff of the Amplitude class action lawsuit.

Amplitude is a technology company that helps businesses analyze data for their digital products and track customer interactions.

The lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Amplitude’s land-and-expand strategy was years away from significantly accelerating revenues among its newer client cohorts; and (2) the rapid acceleration in Amplitude’s second quarter of 2021 results stemmed from the ephemeral effects of the COVID-19 pandemic which had not continued by the start of the Class Period, as Amplitude clients were expanding at a slower pace.

On February 16, 2022, Amplitude revised downward its 2022 revenue guidance, from more than 40% to a range of $226 million to $234 million (or 35% to 40%).  During the earnings call that followed, Amplitude’s Chief Financial Officer defendant Hoang Vuong stated that Amplitude was still “a few years” away from many of its new customers “completely embrac[ing] the full capability of Amplitude’s digital optimization,” which he stated would eventually “drive a larger expansion.”  On this news, the price of Amplitude stock fell nearly 59%.

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If you purchased or otherwise acquired Amplitude (NASDAQ: AMPL) securities between September 21, 2021 and February 16, 2022, both dates inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Amplitude lawsuit is April 15, 2024.

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