Overview

A class action lawsuit has been filed against Elastic N.V. (“Elastic” or the “Company”) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws.  Elastic’s ordinary shares trade in the United States on the New York Stock Exchange under the ticker symbol “ESTC.”  Accordingly, there are presumably hundreds, if not thousands, of investors in Elastic securities located in the United States.

The Elastic class action lawsuit was brought on behalf of all persons and entities who purchased or otherwise acquired Elastic securities between May 31, 2024, and August 29, 2024, both dates inclusive (the “Class Period”).

Elastic describes itself as the Search AI (artificial intelligence) Company.  Its platform, available as both a hosted, managed service via cloud servers and self-managed software, purportedly allows customers to find insights and drive AI and machine learning use cases from large amounts of data, with solutions separated into three categories: Search, Observability, and Security.  Elastic’s sales teams are organized primarily by geography and secondarily by customer segments.  The Company offers its products and services to both the private and public sectors in the Americas and internationally, including in Europe, the Middle East, and Africa.

Elastic’s Americas business has consistently accounted for the largest proportion of the Company’s revenue, with the United States alone accounting for approximately $730.488 million, or nearly 58%, of Elastic’s total approximate $1.267 billion in revenue earned in its fiscal year (“FY”) 2024.  Likewise, the United States alone accounted for nearly 59% and 56% of the Company’s total revenue earned in its FYs 2023 and 2022, respectively.

The Elastic class action lawsuit alleges that Defendants, throughout the Class Period, made materially false and misleading statements regarding the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Elastic had implemented significant changes to its sales operations, particularly with respect to its customer segments in the Americas; (2) the foregoing changes were likely to, and did, disrupt Elastic’s sales operations during the first quarter of its FY 2025; (3) accordingly, Defendants had overstated the stability of Elastic’s sales operations; (4) as a result of all the foregoing, Elastic was unlikely to meet its own previously issued revenue guidance for its FY 2025; and (5) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

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If you purchased or otherwise acquired Elastic securities between May 31, 2024, and August 29, 2024, both dates inclusive, 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 [email protected]. 

The deadline to apply to the Court to serve as lead plaintiff in the Elastic class action lawsuit is April 14, 2025.