Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Atlassian Corporation (TEAM)

Shareholders with $100,000 losses or more are encouraged to contact the firm

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming April 4, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Atlassian Corporation (“Atlassian” or the “Company”) (NASDAQ: TEAM) ordinary shares and/or common stock between August 5, 2022 and November 3, 2022, inclusive (the “Class Period”).

If you suffered a loss on your Atlassian investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Atlassian-Corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

On November 3, 2022, Atlassian disclosed that “[b]ased on the macro headwinds,” the Company was “lowering [its] Cloud revenue growth outlook to a range of approximately 40% to 45% year-over-year” for fiscal year 2023. The Company further explained that it had seen a “decrease in the rate of Free instances converting to paid plans” and that it had experienced a “slowing in the rate of paid user growth from existing customers.”

On this news, Atlassian’s stock price fell $50.44, or 29%, to close at $123.73 per share on November 4, 2022, thereby injuring investors.

The complaint filed in this class action alleges that 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: (1) macroeconomic factors were having a material adverse impact on Atlassian’s business; (2) the slowing conversions from free to paid customers the Company was experiencing constituted a negative trend; (3) paid user growth also had slowed; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Atlassian stock during the Class Period, you may move the Court no later than April 4, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [e-mail], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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