NEW YORK, March 31, 2023 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is reminding investors that a class action lawsuit against Atlassian Corporation Plc (“Atlassian” or the “Company”) TEAM in the United States District Court for the Northern District of California on behalf of all individuals and entities that purchased or otherwise acquired Atlassian securities between August 5, 2022 and November 3, 2022, both dates inclusive (the “Collection Period” ). Investors have until April 4, 2023 to apply to the court to be named lead plaintiff in the lawsuit.

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Atlassian develops and sells collaboration and project management software that can be operated both on-premises and in the cloud. The company generates most of its revenue from its software products, Jira Software and Confluence. The Company generates revenue primarily from license subscriptions from both free users, who become paid customers when they exceed the free license cap, and existing paying users, who extend their existing subscriptions. In 2020, Atlassian began migrating its customers to the cloud, which accounts for a rapidly growing portion of the company’s revenue.

During the spring and summer of 2022, as macroeconomic conditions worsened and Atlassian’s competitors lowered their revenue guidance, defendants maintained that those conditions did not have a material impact on the Company. After markets closed on August 4, 2022, Defendants’ Co-Chief Executive Officer Scott Farquhar reiterated the company’s guidance of 50% year-over-year cloud growth for fiscal years 2023 and 2024. In a conversation with analysts today Day more than a month into the company’s fiscal 2023 first quarter, Defendant and Chief Revenue Officer Cameron Deatsch assured investors that the company is “extremely vigilant and monitoring all stages of our funnel” and that “we have not yet…