According to CRO Deatsch, the "demand for collaboration products continue[s] to be strong." In reality, Atlassian overstated its financial guidance by concealing trends of slowing conversions from free users to paying customers and slowing growth in paying-user expansion. As a result, defendants' positive statements about the Company's business, operations, and prospects during the class period were materially false and /or misleading. On November 3, 2022, Atlassian issued a letter to shareholders and held a conference call with analysts to discuss its financial results for the fiscal first quarter of 2023 ended September 30, 2022.