According to the Complaint, Amplitude, Inc. makes software for what it refers to as “digital optimization,” or the process of helping companies figure out more about how their customers engage with the companies’ digital experiences. Amplitude’s technology is designed to provide insights regarding how customers interact with digital platforms or “apps,” allowing companies to determine which features are resonating with customers and tweak their products to maximize user engagement, monetization, and other desirable metrics.

The Complaint alleges that during the Class Period, Defendants made materially false and misleading statements. Specifically, the Complaint alleges Defendants misrepresented and failed to disclose the following adverse facts, which were known to Defendants or recklessly disregarded by them as follows: (a) that Amplitude’s land-and-expand strategy was years away from significantly accelerating revenues among its newer client cohorts; (b) that the rapid acceleration in the Company’s 2Q21 results resulted 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; and (c) that, as a result of (a)-(b) above, Amplitude’s business, operations, financial results, and prospects were materially worse than represented to investors during the Class Period.

On May 23, 2024, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 13. Defendants filed a Motion to Dismiss the amended Complaint on July 12.

On October 2, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

Lead Plaintiff filed a second amended Complaint on October 23, 2024. Defendants filed a Motion to Dismiss the second amended Complaint on November 13. On January 13, 2025, the Court issued an Order granting Defendants' Motion to Dismiss and dismissed the case with prejudice.