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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Urges Investors Suffering Losses Over $75,000 From Five9 (NASDAQ:) To Contact Him Directly To Discuss Their Options.
If you have a loss of more than $75,000 per Five9 between June 4, 2024 and August 8, 2024 and you would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live to 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 security law firm, is investigating potential allegations against Five9, Inc. (“Five9” or “Company”). (NASDAQ: FIVN) and reminds investors of February 3, 2025 deadline seeking the role of lead plaintiff in a federal class action against the Company.
Faruqi & Faruqi is a leading national security law firm with offices in New York, Pennsylvania, California and Georgia. The firm has raised hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As described below, the complaint alleges that the Company and its directors violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) New business that of Five9 was not “powerful in spite of size” and was, in fact, hampered by macroeconomic issues such as restricted and scrutinized consumer budgets; (2) Five9 was in the midst of a tough quarter due, in part, to sales and performance issues, and the Company did not “see a very strong ability to keep books”; and (3) the defendants did not have “enough information to track (their) existing customers who are still alive” such that claims that Five9 would see a positive change in its dollar savings rate were has no logical basis.
On August 8, 2024, after market hours, Five9 released its financial results for the second quarter of 2024 and held an earnings call the same day, where the Company cut its guidance of the year due to a “difficult accounting quarter” and “uncertain economic conditions.” Five9 revealed that customer accounts have been “understood and scrutinized” and that “Q2’s new logo bookmarking came in more smoothly than expected (.)” The company also reported that sales “was incomplete” and announced corrective measures to resolve the issue. operational and operational issues. As a result, Five9 has announced that it will “no longer assume” a dollar-based savings rate for the second half of the year.
In this news, Five9’s stock price fell by $11.25 in total, or 26.49%, to close at $31.22 per share on August 9, 2024.
The lead plaintiff appointed by the court is the investor with the greatest financial interest in the relief sought by a reasonable and common class of class members conducting and overseeing the case on behalf of the putative class. Any member of the arbitration panel may have the Court act as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent panel member. Your ability to participate in any recovery is not affected by the decision to serve 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 version of this release, please visit https://www.newsfilecorp.com/release/236023
