LOS ANGELES, Dec. 20, 2024 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming February 3, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Five9, Inc. (“Five9” or the “Company”) (NASDAQ: FIVN) securities between June 4, 2024 and August 8, 2024, inclusive (the “Class Period”).
If you suffered a loss on your Five9 investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Five9-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On August 8, 2024, Five9 released its second quarter 2024 financial results, disclosing that it would cut its annual revenue guidance due to a “challenging bookings quarter” and “uncertain economic conditions.” Additionally, the Company revealed that customer budgets had been “constrained and scrutinized,” that “Q2 new logo bookings came in softer than expected,” and that sales execution “wasn’t up to snuff,” announcing that the Company was “no longer assuming” a dollar-based retention rate inflection in the second half of the year.
On this news, Five9’s stock price fell $11.25, or 26.5%, to close at $31.22 per share on August 9, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Five9’s net new business was not “strong irrespective of the macro” and was, in fact, hampered by macroeconomic issues such as constrained and scrutinized customer budgets; (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”; (3) Defendants did not have “enough information in terms of [their] existing customers that are going live” such that the statements that Five9 would see a positive inflection in its dollar-based retention rate lacked a reasonable basis; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on LinkedIn, Twitter, or Facebook.
If you purchased or otherwise acquired Five9 securities during the Class Period, you may move the Court no later than February 3, 2025 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
