Faruqi & Faruqi, LLP is investigating the claims on behalf of investors Five9 By Investing.com

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Faruqi & Faruqi, LLP securities litigation partner James (Josh) Wilson encourages investors who have suffered losses greater than $75,000 in pet9 (NASDAQ: ) to contact him directly to discuss their options

If you have suffered losses greater than $75,000 friday the 9th between June 4, 2024 and August 8, 2024 and want to discuss your legal rights, call a Faruqi & Faruqi partner Josh Wilson direct on 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 The deadline is February 3, 2025 to seek the role of lead plaintiff in a federal securities class action lawsuit 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 recovered hundreds of millions of dollars for investors since its inception in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated 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 to macro” and was actually constrained by macroeconomic problems such as limited and carefully scrutinized customer budgets; (2) Five9 was in the midst of a challenging booking quarter due, in part, to sales and efficiency issues, and the Company was not “seeing very strong booking momentum”; and (3) the defendants did not have “sufficient information in terms of ․ [their] existing customers starting up” so claims that Five9 would see a positive turnaround in its dollar-based retention rate had no reasonable basis.

On August 8, 2024, after market hours, Five9 released its Q2 2024 financial results and held an earnings call the same day, with the Company lowering its annual revenue guidance due to a “challenging booking quarter” and “uncertain economic conditions”. Five9 revealed that customer budgets were “constrained and scrutinized” and that “bookings of the new logo in the second quarter were lower than expected[.]” The company also reported that sales execution was “not up to par” and announced corrective actions to address sales execution and efficiency issues. As a result, Five9 announced that it “no longer assumes” a dollar-based retention rate inflection in the second half of the year .

Following this news, Five9’s stock price fell $11.25 per share, or 26.49%, to $31.22 per share on August 9, 2024.

A court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class, who is adequate and typical of the class members and who directs and oversees the litigation on behalf of the putative class. Any putative class member may propose to the Court to serve as lead plaintiff through counsel of his or her choosing, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by the decision whether or not you will be the lead plaintiff.

Faruqi & Faruqi, LLP also encourages anyone with information about Five9’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Advertising of lawyers. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.

To view the original version of this press release, please visit https://www.newsfilecorp.com/release/236023

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