Atlassian Board, Execs Misled Investors on Growth, Suit Says (1)

An Atlassian Corp. shareholder hit directors and executives of the software company with a derivative suit accusing them of failing to disclose a slowdown in growth.

Atlassian’s acknowledgment of decreasing growth in November 2022 led to a 29% stock drop and a proposed shareholder class action that will impose legal defense costs on the company, Gregory Keane said. He filed his suit Monday in the US District Court for the District of Delaware.

The maker of collaboration products such as Jira and Trello will be harmed by instituting internal investigations, he says. And it has overpaid the directors and executives ...