Steiner v. UiPath Inc.

Related Securities Class Actions Consolidated; Lead Plaintiff, Counsel Appointed

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ADDITIONAL CASES Simone Brunozzi, individually and on behalf of all others similarly situated, Plaintiff v. UiPath, Inc., Daniel Dines, Robert Enslin and Ashim Gupta, Defendants; 1:24-cv-05959 OPINION AND ORDER Pending before the Court in the case entitled Zack Steiner v. UiPath, Inc., et al., No. 24-CV-04702 (JPC) (SDA) (S.D.N.Y.) (the “Steiner Action”) is a motion by Simone Brunozzi (“Brunozzi”), pursuant to Section 21D(a)(3)(B) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. §78u-4(a)(3)(B), as amended by the Private Securities Litigation Reform Act of 1995 (the “PSLRA”), to appoint Brunozzi as the lead plaintiff,¹ and to approve Brunozzi’s selection of Bleichmar Fonti & Auld LLP (“BFA”) as lead counsel for the putative class; and, pursuant to Rule 42(a) of the Federal Rules of Civil Procedure, to consolidate the Steiner Action with the action entitled Simone Brunozzi v. UiPath, Inc., et al., No. 24-CV-05959 (JPC) (SDA) (S.D.N.Y.) (the “Brunozzi Action”).² (Not. of Mot., ECF No. 13.) For the reasons set forth below, the motion is GRANTED in its entirety. FACTUAL BACKGROUND The Steiner Action and the Brunozzi Action are two related securities class actions pending against Defendant UiPath, Inc. (“UiPath”) and certain of its senior officers (collectively, “Defendants”). (8/19/24 Mem. at 1.) Both actions allege that Defendants defrauded investors in violation of Sections 10(b) and 20(a) of the Exchange Act (15 U.S.C. §§78j(b), 78t(a)), and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder (17 C.F.R. §240.10b-5). (Id.; see also Compl., ECF No. 1, 1; Brunozzi Action Compl., No. 24-CV-05959, ECF No. 1.) Specifically, the two actions allege, inter alia, that from December 1, 2023 to the close of trading on May 29, 2024, inclusive (the “Class Period”), Defendants misrepresented the success of UiPath’s turnaround strategy. (Id.; see also Compl.

Steiner v. UiPath Inc.

Related Securities Class Actions Consolidated; Lead Plaintiff, Counsel Appointed

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