Overview

A class action lawsuit has been filed against GitLab, Inc. (“GitLab” or the “Company”) (NASDAQ: GTLB) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws.  The GitLab class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired GitLab securities between June 6, 2023, and March 4, 2024, both dates inclusive (the “Class Period”).  Investors have until November 4, 2024, to seek appointment as lead plaintiff of the GitLab class action lawsuit.

GitLab is a global software company that designs and develops software solutions.  GitLab began as an open-source project and currently offers a platform for authentication, authorization, development and operations (“DevOps”) score, audit, and value stream management.  GitLab’s core offering is as a DevOps platform that enables professionals to perform project-based tasks, from the planning stage to source code management to monitoring and security.

The GitLab class action lawsuit alleges that Defendants provided investors with material information concerning GitLab’s expected revenue for the fiscal year 2025.  Defendants’ statements included, among other things, GitLab’s artificial intelligence (“AI”) incorporation throughout its development, security, and operations (“DevSecOps”) platform, developing new AI features to increase efficiency of software development and making it more affordable for customers, monetizing its various AI capabilities with monthly subscriptions, and increasing pipeline growth by integrating its DevSecOps platform as the preferred software delivery platform in the industry.

Defendants created the false impression that they possessed reliable information pertaining to the Company’s ability to develop and incorporate AI throughout the software development cycle in order to optimize code generation, thereby increasing market demand and making all levels of software development more affordable and properly monetizing its AI features.  In truth, there was weak market demand for GitLab’s touted AI features and the Company was incurring an increasing amount of expenses involving JiHu, its joint venture in China, as well as the annual Company-wide summit.  Defendants misled investors by continually highlighting its AI-driven innovations to develop software more efficiently and drive market share demands.  Defendants provided these overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning GitLab’s ability to develop AI features that would generate code more efficiently and increase market demand for its DevSecOps platform.

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If you purchased or otherwise acquired GitLab securities between June 6, 2023, and March 4, 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 a lead plaintiff in the GitLab class action lawsuit is November 4, 2024.