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Case Page

 

Atlassian Corporation

Case Summary

Atlassian Corporation Securities Litigation

Case Summary

Case Status:    DISMISSED  
—On or around 09/03/2024 (Date of order of final judgment)
Current/Last Presiding Judge:  
Hon. William H. Orrick

Filing Date: February 03, 2023

According to the Complaint, Atlassian Corporation develops and sells collaboration and project-management software that operates both on premises and in the cloud. The Company derives a majority of its revenue from its Jira Software and Confluence software products. The Company generates revenue primarily from license subscriptions 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 its clients to the cloud, which has accounted for a rapidly growing portion of the Company’s revenues.

The Complaint alleges that, during the Class Period, Defendants misled investors and/or failed to disclose that (1) macroeconomic factors were having a material adverse impact on Atlassian’s business; (2) the slowing conversions from free to paid customers the Company was experiencing constituted a negative trend; (3) paid user growth also had slowed; and (4) 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.

On May 15, 2023, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on July 14.

Defendants filed a Motion to Dismiss the amended Complaint on September 8, 2023. On January 22, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

On March 1, 2024, Lead Plaintiffs filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on April 19. On August 13, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

On September 3, 2024, Lead Plaintiffs notified the Court of their intention not to amend the Complaint. On the same date the Court issued an Order dismissing the case with prejudice and entered Judgment.

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