Atlassian Corporation Class Action Lawsuit - TEAM

12 days left to seek lead plaintiff status

Case Summary

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The Atlassian class action lawsuit seeks to represent purchasers or acquirers of Atlassian Corporation (NASDAQ: TEAM) ordinary shares and/or common stock between August 5, 2022 and November 3, 2022, inclusive (the “Class Period”).  Captioned City of Hollywood Firefighters’ Pension Fund v. Atlassian Corporation, No. 23-cv-00519 (N.D. Cal.), the Atlassian class action lawsuit charges Atlassian, Atlassian Corporation Plc, and certain of Atlassian’s top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Atlassian class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Atlassian class action lawsuit must be filed with the court no later than April 4, 2023.

CASE ALLEGATIONS: Atlassian develops and sells collaboration and project-management software that operates both on premises and in the cloud.  In the spring and summer of 2022, as macroeconomic conditions deteriorated and Atlassian’s competitors lowered their revenue guidance, defendants remained steadfast that these conditions were not having a material impact on Atlassian.

But as the Atlassian class action lawsuit alleges, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) macroeconomic factors were having a material adverse impact on Atlassian’s business; (ii) the slowing conversion from free to paid customers Atlassian was experiencing constituted a negative trend; and (iii) Atlassian’s paid user growth had slowed.

On November 3, 2022, Atlassian announced that “[b]ased on the macro headwinds,” Atlassian was “lowering our Cloud revenue growth outlook to a range of approximately 40% to 45% year-over-year” for fiscal year 2021.  Atlassian also revealed that (i) Atlassian “saw a decrease in the rate of Free instances converting to paid plans,” calling it a “trend [that] became more pronounced” in the quarter; and (ii) Atlassian experienced “a slowing in the rate of paid user growth from existing customers.”  On this news, the price of Atlassian stock declined more than 28%, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Atlassian ordinary shares and/or common stock during the Class Period to seek appointment as lead plaintiff in the Atlassian class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Atlassian class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Atlassian class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Atlassian class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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