Sorry, no details but…
http://www.andrewsspringer.com/cases-investigations/mongodb-…
Anyone have any idea?
cheers
Greg
Sorry, no details but…Anyone have any idea?
I can tell that people are all worried about it. It came out this morning and MDB is only up about 3% as I write. Clearly causing investor panic.
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I can attest. There are a category of law firms whose business it is to monitor and police behavior of public corporation.
The Federal statute in regard does not create a government enforcement action, but instead private law firm action on behalf of shareholders.
What this means in the end, is that this category of law firm watches the news closely, when they spot some technicality that they think they can build at least a nuisance case, they then announce it and rush to find a shareholder to represent all shareholders, and rush to file.
The law firm usually get a large pay out in the end, the money is paid by the corporation, that uses corporate money, that hurts shareholders to pay it, and all is forgiven in a settlement, as the legal fees necessary to fight such things are greater than the settlement.
In some cases there are real and legitimate issues, but in most just technicalities that amount to nothing.
This one is unusual as it states “fiduciary duty,” which means they must have seen something specific. Some insider transaction or something. But beyond that there is not much more to tell at this time. It is a cost of doing business as a public company, and newer public companies have a harder time complying because they are not use to being public, having not been public for very long.
Tinker
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Thanks Tinker, its hard to imagine a database company would have too much scope for wrong doing, but those crazy IT guys, who knows? 
Hopefully all nothing, and it won’t cost Mongo too much
cheers
Greg