Credit: VideoFlow/Adobe Stock Automation Software Developer Had Artificially Inflated IPO Price, New Suit Alleges
This suit was surfaced by Law.com Radar. Read the complaint here.
December 11, 2023 at 11:27 AM
1 minute read
Technology Media and Telecom
UiPath, a software developer focused on automating repetitive workflows, and its top officers and directors were hit with a shareholder derivative lawsuit on Dec. 8 in Delaware District Court. The suit, brought by Farnan LLP and the Rosen Law Firm on behalf of Hugues Gervat, accuses the defendants of downplaying the threat of competition from new entrants in the automation sector including Microsoft, Salesforce and IBM. The suit further contends that UiPath's IPO price in 2021 was artificially inflated due to the implementation of a discount program prior to the IPO as well as overstatements about the size of the market. Counsel have not yet appeared for the defendants. The case is 1:23-cv-01413, Gervat v. Dines et al.
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