Elastic NV misrepresented the effect of sales strategy changes, surprising the market with slashed revenue guidance for fiscal year 2025, an investor alleges in a proposed class action.
The artificial intelligence search company’s stock price dove 26% to close at $76.19 per share on Aug. 30, 2024, the largest selloff in its history, according to data compiled by Bloomberg.
In May 2024, Elastic projected “revenue of $1.468 billion to $1.48 billion, representing 16% year-over-year growth at the midpoint,” according to the complaint, filed Tuesday in the US District Court for the Eastern District of New York by the Lucid Alternative ...
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