BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith announces an investigation on behalf of MongoDB, Inc. (“MongoDB” or the “Company”) (NASDAQ: MDB) investors concerning the Company’s possible violations of federal securities laws.
On March 7, 2024, MongoDB disclosed that it anticipated near zero revenue from unused Atlas commitments in fiscal year 2025, a decrease of approximately $40 million in revenue, due to a change in the Company’s sales incentive structure to reduce enrollment frictions. Additionally, the Company provided an estimated growth for the fiscal year 2025 of only 14% compared to the previous year’s growth of 31%.
On this news, MongoDB’s stock price fell $28.59, or 6.9%, to close at $383.42 per share on March 8, 2024, thereby injuring investors.
Then, on May 30, 2024, MongoDB again announced reduced growth expectations, cutting growth projections for fiscal year 2025 further. The Company cited the same sales incentive structure change as the cause, as well as some allegedly unanticipated macro headwinds.
On this news, MongoDB’s stock price fell $73.94, or 23.9%, to close at $236.06 per share on May 31, 2024, thereby injuring investors further.
If you purchased MongoDB securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
