Five9, Inc. Class Action Lawsuit - FIVN
Case Summary
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The Five9 class action lawsuit seeks to represent purchasers or acquirers of Five9, Inc. (NASDAQ: FIVN) securities, including call options, between June 4, 2024 and the close of trading on August 8, 2024, inclusive (the “Class Period”). Captioned Lucid Alternative Fund, LP v. Five9, Inc., No. 24-cv-08725 (N.D. Cal.), the Five9 class action lawsuit charges Five9 and certain of Five9’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Five9 class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Five9 class action lawsuit must be filed with the court no later than February 3, 2025.
CASE ALLEGATIONS: Five9 provides software for a cloud-based contact center.
The Five9 class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) 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; (ii) Five9 was in the midst of a challenging bookings quarter due, in part, to sales execution and efficiency issues, and Five9 was not “seeing very strong bookings momentum”; and (iii) 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.
The Five9 class action lawsuit further alleges that on August 8, 2024, Five9 released its second quarter 2024 financial results, reducing its annual revenue guidance due to “recent bookings trends and the uncertain economic conditions.” On this news, the price of Five9 stock fell more than 26%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Five9 securities, including call options, during the Class Period to seek appointment as lead plaintiff in the Five9 class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Five9 class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Five9 class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Five9 class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.