NEW YORK, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.Kaplanfox.com) is investigating claims on behalf of investors of Freshworks Inc. (NASDAQ: FRSH). A class action complaint has been filed on behalf of investors that purchased or otherwise acquired Freshworks common stock pursuant and/or traceable to the Company’s September 2021 initial public offering (the “IPO”).
If you purchased or otherwise acquired Freshworks securities and would like to discuss this case and our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003 or our toll free number 1-800-290-1952.
If you are a member of the proposed Class, you may move the court no later than January 3, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
Freshworks, a company headquartered in San Mateo, California, provides customer engagement software for businesses. On or about September 22, 2021, Freshworks conducted its IPO, offering 28.5 million shares of its common stock at a price of $36 per share. According to the complaint, the Offering Documents for the IPO stated that Freshworks’ business had grown rapidly in the lead up to the IPO and there was no indication that the Company’s growth rate and net dollar retention rates were decelerating. The Complaint also alleges that as the true facts emerged after the IPO, Freshworks’ shares fell sharply. trading as low as $10.51 per share by the commencement of the action, a decline of nearly 70% from the Offering Price.
The Complaint alleges that the Offering Documents were false and misleading and omitted to state that, at the time of the IPO, Freshworks’ net dollar retention rate had plateaued while its revenue growth rate and billings were, in fact, decelerating. The Complaint further alleges that the “Risk Factor” section of the Offering Documents did not adequately warn potential investors about the already occurring negative results and trends the Company was observing in Freshworks’ revenue growth, net dollar retention rate, and billings.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
