NEW YORK, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Amplitude, Inc. (NASDAQ: AMPL)?
- Did you purchase your shares between September 21, 2021 and February 16, 2022, inclusive?
- Did you lose money in your investment in Amplitude, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Amplitude, Inc. (“Amplitude or the “Company”) (NASDAQ: AMPL) between September 21, 2021 and February 16, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Amplitude common stock, and/or would like to discuss your legal rights and options please visit Amplitude, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Amplitude is a technology company that helps businesses analyze data for their digital products and track customer interactions. Beginning in September 2021, Amplitude claimed to be experiencing extraordinary growth due to “strong demand for [its products]” and a “robust” expansion from existing customers. Specifically, in connection with the Company’s second quarter 2021 earnings, Amplitude reported that “revenue growth accelerated” during the quarter and was “up 66% year over year.” The Company similarly reported that a key growth metric, known as current remaining performance obligations, was up 76% year-over-year and that its dollar-based net retention rate was 119%.
Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (i) Amplitude’s land-and-expand strategy was years away from significantly accelerating revenues among its newer client cohorts; and (ii) the rapid acceleration in Amplitude’s second quarter of 2021 results resulted from the ephemeral effects of the COVID-19 pandemic which had not continued by the start of the Class Period, as Amplitude clients were expanding at a slower pace.
After the market closed on February 16, 2022, Amplitude revealed its fourth quarter 2021 results and revised downward its 2022 fiscal guidance. Most troubling, the Company revealed that its vaunted land-and-expand strategy, which defendants had claimed had already proven successful, was in fact poised to “take a few years” before it was expected to accelerate results and that despite their prior assurances of sustainable growth, Amplitude management “really [did not] know” when this impact would occur.
On this news, Amplitude’s stock price fell $24.51, or 58.9%, to close at $17.10 per share on February 17, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than April 15, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Amplitude common stock, and/or would like to discuss your legal rights and options please visit Amplitude, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
