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Case Page

 

Case Status:    ONGOING  
—On or around 07/10/2024 (Date of last review)
Current/Last Presiding Judge:  
Hon. Gregory H. Woods

Filing Date: July 09, 2024

According to the Complaint, MongoDB, Inc. is a software company that designs, develops, manufactures, and sells developer data platforms and integrated services systems through its document-oriented database program.

On March 7, 2024, MongoDB reported strong Q4 2024 results and then announced lower than expected full-year guidance for 2025. MongoDB attributed it to the Company's change in its "sales incentive structure" which led to a decrease in revenue related to "unused commitments and multi-year licensing deals." On May 30, 2024, MongoDB again announced significantly reduced growth expectations, this time cutting fiscal year 2025 growth projections further, again attributing the losses to the Company’s decision to change their sales incentive structure to reduce enrollment frictions, along with some allegedly unanticipated macro headwinds.

The Complaint alleges that during the Class Period, Defendants made materially false and misleading statements and engaged in a scheme to deceive the market and a course of conduct that artificially inflated the price of MongoDB's common stock and operated as a fraud or deceit on Class Period purchasers of MongoDB's common stock by materially misleading the investing public.

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