Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Over $75,000 on 59 (NASDAQ: ) to Contact Him Directly to Discuss Their Options
If you have a loss of more than $75,000 There are five9 between June 4, 2024 and August 8, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live at the 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 securities law firm, is investigating potential claims against Five9, Inc. (“Five9” or the “Company”). (NASDAQ: FIVN) and reminds investors February 3, 2025 deadline seeking the role of lead plaintiff in a securities class action filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has received hundreds of millions of dollars from investors since its founding in 1995. See www.faruqilaw.com.
As set forth below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or by failing to disclose that: (1) Fi59's new business was not “substantial” and was, in fact, was constrained by macroeconomic factors such as constrained and scrutinized consumer budgets; (2) Fi59 was in the midst of a challenging booking quarter, in part, due to sales and operational issues, and the Company was “not seeing strong booking momentum”; and (3) defendants lacked “sufficient information in terms of (their) existing customers to survive” such that reports that Five9 would see positive fluctuations in the dollar's savings rate were without reasonable basis.
On August 8, 2024, after market hours, Five9 released its second quarter 2024 results and held an earnings call on the same day, where the Company cut its annual revenue guidance due to a “difficult booking quarter” and “uncertain economic conditions.” Fi59 revealed that customer budgets were “restricted and monitored” and that “bookings for the new logo for Q2 came in a bit lower than expected (.)” The company also reported that advertising sales were “not up to snuff” and announced corrective measures to sell. performance and integrity issues. As a result, Five9 announced that it is “no longer considering” a dollar-based retention rate for the second half of the year.
On this news, Five9's stock price decreased by $11.25 per share, or 26.49%, to close at $31.22 per share on August 9, 2024.
A court-appointed lead plaintiff is an investor with a substantial financial interest in the relief sought by a sufficient and common class of class members who administers and oversees the lawsuit on behalf of the putative class. Any privileged class member may move the Court to act as lead plaintiff through counsel of his or her own choosing, or may choose to remain inactive and remain a non-class member. Your ability to share in any recovery is not affected by the decision to act as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about Five9's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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To view the source of this document, please visit https://www.newsfilecorp.com/release/236023