A securities class action has been filed in the USDC — S.D.N.Y. against UiPath, Inc. (PATH) (“UiPath” or the “Company”), on behalf of all persons or entities who purchased or otherwise acquired UiPath securities between December 1, 2023 and May 29, 2024, both dates inclusive (the “Class Period”).
Founded in 2005, UiPath is a New York, New York based business automation software company. Since its founding, the Company provided robotic process automation (“RPA”) tools to its public and private sector customers to automate repetitive business tasks typically performed by humans. With the evolution of artificial intelligence (“AI”) technology in recent years, UiPath has sought to enhance its business automation offerings with AI-powered products that work in conjunction with its RPA tools.
The complaint alleges, Defendants made false and/or misleading statements and/or failed to disclose that:
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements concerning the success of UiPath’s turnaround strategy. For instance, defendants represented that the Company was “executing against that strategy, and we’re seeing [the] results in the deal quality and the customer quality,” asserted that “our strategic investments in innovations and our go-to-market ecosystem positions us well for continued momentum,” and that “there’s no doubt there’s [been] better execution” since the implementation of the turnaround strategy.
These statements were materially false and misleading. In truth, UiPath’s turnaround strategy had failed. Fruitless investments and inconsistent execution plagued the Company’s overhauled go-to-market strategy. Additionally, UiPath’s AI-powered Business Automation Platform caused “confusion” among customers and was not able to be adequately scaled. As a result, UiPath experienced significant difficulties closing and/or expanding large multiyear deals, thereby harming investors.
If you purchased UiPath securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.