Faruqi & Faruqi Securities LLP partner James (Josh) Wilson encourages investors who have suffered losses exceeding $75,000 in Five9 (NASDAQ:) to contact him directly to discuss their options.
If you suffer losses exceeding $75,000 Five9 Between June 4, 2024 and August 8, 2024 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – January 4, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Five9, Inc. (“Five9” or the “Company”) (NASDAQ: FIVN) and reminds investors of February 3, 2025 deadline For the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated the federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Five9's net new business was not “strong regardless of Macroeconomics” In fact, it is hampered by macroeconomic issues such as constrained client budgets and auditing; (2) Five9 was in the midst of a challenging bookings quarter, due in part to sales execution and efficiency issues, and the company was not “seeing very strong bookings momentum”; and (3) Defendants did not have “sufficient information regarding their existing customers who were starting business” such that statements that Five9 would experience a positive turn in its dollar retention rate lacked a reasonable basis.
On August 8, 2024, after market hours, Five9 released its Q2 2024 financial results and held an earnings call on the same day, in which the company lowered its annual revenue guidance due to a “challenging bookings quarter” and “uncertain economic conditions.” Five9 revealed that client budgets were “constrained and audited” and that “new logo bookings for the second quarter were lower than expected (.)” The company also stated that sales execution “was not up to par” and announced remedial actions to address sales execution and efficiency issues. As a result, Five9 announced that it “no longer assumes” a dollar retention rate deviation in the second half of the year.
On this news, Five9's stock price fell $11.25 per share, or 26.49%, to close at $31.22 per share on August 9, 2024.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Five9's conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236023
