Elastic(ESTC) Prnewswire·2025-02-27 01:53Core Viewpoint - Robbins LLP has initiated a class action lawsuit on behalf of investors who purchased Elastic N.V. (NYSE: ESTC) securities between May 31, 2024, and August 29, 2024, alleging that the company misled investors regarding the stability of its sales operations [1][2]. Allegations - The complaint states that Elastic failed to disclose significant changes to its sales operations, particularly affecting customer segments in the Americas [2]. - These changes disrupted sales operations during the first quarter of FY 2025, leading to an overstatement of the stability of Elastic's sales operations [2]. - As a result, Elastic was unlikely to meet its previously issued revenue guidance for FY 2025, making the defendants' public statements materially false and misleading [2]. Financial Impact - On August 29, 2024, Elastic announced its financial results for the first quarter of FY 2025, which included a reduction in its revenue guidance for FY 2025 [3]. - Following this announcement, Elastic's share price fell by 76.19 per share on August 30, 2024 [3]. Class Action Participation - Shareholders interested in serving as lead plaintiffs in the class action must do so by April 14, 2025, but participation is not required to be eligible for recovery [4]. - Those who choose not to participate can remain absent class members [4]. About Robbins LLP - Robbins LLP is recognized for its leadership in shareholder rights litigation, focusing on helping shareholders recover losses and improve corporate governance since 2002 [5].