NEW YORK, Dec. 13, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Five9, Inc. (“Five9” or the “Company”) (NASDAQ:FIVN) securities during the period of June 4, 2024 to August 8, 2024 , inclusive (“the Class Period”). Investors have until February 3, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On August 8, 2024, Five9 released its second quarter 2024 financial results. The Company cut its annual revenue guidance and stated that it was “no longer assuming” a positive inflection in its dollar-based retention rate (“DBRR”) in the second half of the year. The Company revealed that it “had a challenging bookings quarter” due to constrained customer budgets and was taking remedial action to address sales execution issues. On this news, the price of Five9 shares declined by $11.25 per share, or approximately 26.5%, from $42.47 per share on August 8, 2024, to close at $31.22 on August 9, 2024.
The complaint alleges that Five9 misrepresented the purported strength of the Company’s net new business bookings and visibility into its installed customer base.
If you purchased or otherwise acquired Five9 securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
