Bleichmar Fonti & Auld LLP Announces the Filing of a Securities Class Action Lawsuit Against Five9, Inc.
Five9 (NASDAQ:FIVN) faces a securities class action lawsuit filed by Bleichmar Fonti & Auld LLP for alleged violations of federal securities laws between June 4, 2024, and August 8, 2024. The lawsuit claims Five9 misrepresented its net new business bookings strength and visibility into its customer base.
The complaint alleges that while Five9 claimed strong bookings momentum and positive outlook, the company was actually experiencing challenges due to macroeconomic issues and sales execution problems. On August 8, 2024, Five9 reduced its annual revenue guidance and revealed disappointing second quarter results, leading to a 26% stock price decline from $42.47 to $31.22 per share.
Affected investors have until February 3, 2025, to move for Lead Plaintiff status in the class action.
Five9 (NASDAQ:FIVN) si trova ad affrontare una causa collettiva per violazioni delle leggi federali sui titoli, intentata da Bleichmar Fonti & Auld LLP, per presunti reati avvenuti tra il 4 giugno 2024 e l'8 agosto 2024. La causa sostiene che Five9 ha misrepresentato la robustezza delle sue nuove prenotazioni commerciali e la visibilità sulla sua base clienti.
La denuncia afferma che, mentre Five9 dichiarava forti tendenze di prenotazione e un outlook positivo, l'azienda stava in realtà affrontando difficoltà a causa di problemi macroeconomici e di esecuzione delle vendite. L'8 agosto 2024, Five9 ha ridotto le sue previsioni di fatturato annuale e ha rivelato risultati deludenti per il secondo trimestre, portando a un declino del 26% del prezzo delle azioni, da $42,47 a $31,22 per azione.
Gli investitori colpiti hanno tempo fino al 3 febbraio 2025 per richiedere il status di Lead Plaintiff nella causa collettiva.
Five9 (NASDAQ:FIVN) enfrenta una demanda colectiva de valores presentada por Bleichmar Fonti & Auld LLP por violaciones alegadas de las leyes federales de valores entre el 4 de junio de 2024 y el 8 de agosto de 2024. La demanda afirma que Five9 tergiversó la fortaleza de sus reservas de nuevos negocios y la visibilidad sobre su base de clientes.
La queja alega que, mientras Five9 afirmaba tener un fuerte impulso en reservas y una perspectiva positiva, la empresa en realidad estaba enfrentando desafíos debido a problemas macroeconómicos y de ejecución de ventas. El 8 de agosto de 2024, Five9 redujo su guía de ingresos anuales y reveló resultados decepcionantes para el segundo trimestre, lo que llevó a un declive del 26% en el precio de las acciones, de $42.47 a $31.22 por acción.
Los inversores afectados tienen hasta el 3 de febrero de 2025 para solicitar el estatus de Lead Plaintiff en la demanda colectiva.
Five9 (NASDAQ:FIVN)는 2024년 6월 4일부터 2024년 8월 8일 사이에 발생한 연방 증권법 위반 혐의로 Bleichmar Fonti & Auld LLP에 의해 제기된 증권 집단 소송에 직면해 있습니다. 이 소송은 Five9이 신규 비즈니스 예약의 강도와 고객 기반에 대한 가시성을 잘못 전달했다고 주장하고 있습니다.
고소장은 Five9이 강한 예약 모멘텀과 긍정적인 전망을 주장했으나, 실제로는 거시경제 문제와 판매 실행 문제로 어려움을 겪고 있었다고 주장합니다. 2024년 8월 8일, Five9은 연간 수익 가이드를 하향 조정하고 두 번째 분기 실적이 실망스러웠음을 밝혔으며, 이로 인해 주가가 26% 하락하여 주당 $42.47에서 $31.22로 떨어졌습니다.
영향을 받은 투자자들은 2025년 2월 3일까지 집단 소송에서 Lead Plaintiff 지위를 요청할 수 있습니다.
Five9 (NASDAQ:FIVN) fait face à une action en justice collectif pour violations présumées des lois fédérales sur les valeurs mobilières, déposée par Bleichmar Fonti & Auld LLP, concernant des faits survenus entre le 4 juin 2024 et le 8 août 2024. La plainte prétend que Five9 a mal représenté la force de ses nouvelles réservations d'affaires et la visibilité sur sa base de clients.
La plainte allègue que, bien que Five9 ait affirmé connaître une forte dynamique de réservations et une perspective positive, l'entreprise faisait en réalité face à des défis dus à des problèmes macroéconomiques et d'exécution des ventes. Le 8 août 2024, Five9 a réduit ses prévisions de revenus annuels et a révélé des résultats décevants pour le deuxième trimestre, entraînant une baisse de 26% du prix de l'action, passant de 42,47 $ à 31,22 $ par action.
Les investisseurs concernés ont jusqu'au 3 février 2025 pour demander le statut de Lead Plaintiff dans l'action collective.
Five9 (NASDAQ:FIVN) sieht sich einer Sammelklage wegen angeblicher Verstöße gegen Bundeswertpapiergesetze gegenüber, die von Bleichmar Fonti & Auld LLP zwischen dem 4. Juni 2024 und dem 8. August 2024 eingereicht wurde. Die Klage behauptet, dass Five9 die Stärke seiner neuen Geschäftsbuchungen und die Sichtbarkeit seiner Kundenbasis falsch dargestellt hat.
Die Beschwerde behauptet, dass Five9 zwar von einem starken Buchungsmomentum und einem positiven Ausblick sprach, das Unternehmen jedoch tatsächlich mit Herausforderungen aufgrund makroökonomischer Probleme und Verkaufsproblemen konfrontiert war. Am 8. August 2024 senkte Five9 seine Umsatzprognose für das Jahr und gab enttäuschende Ergebnisse für das zweite Quartal bekannt, was zu einem Rückgang des Aktienkurses um 26% von 42,47 $ auf 31,22 $ pro Aktie führte.
Betroffene Investoren haben bis zum 3. Februar 2025 Zeit, um den Status des Lead Plaintiff in der Sammelklage zu beantragen.
- None.
- Company faces securities class action lawsuit for alleged misrepresentation
- Reduced annual revenue guidance in Q2 2024
- Challenging bookings quarter due to constrained customer budgets
- Sales execution and efficiency issues reported
- Stock price declined 26% following Q2 2024 results announcement
Insights
This securities class action lawsuit against Five9 represents a significant legal challenge that could impact investor confidence and the company's market value. The allegations of misleading statements about business performance and customer metrics are particularly serious, potentially violating federal securities laws. The claimed 26% stock price drop following the revelation of weaker performance metrics and revised guidance suggests material financial impact.
The lawsuit's focus on the period between June and August 2024 highlights alleged discrepancies between management's public statements and business reality, particularly regarding bookings momentum and customer retention metrics. The legal exposure extends to senior executives, increasing potential liability. With a February 2025 deadline for lead plaintiff designation, this case could result in substantial settlement costs and ongoing legal expenses for Five9.
The alleged misrepresentation of business fundamentals and subsequent significant stock decline presents material risks to Five9's financial position. The
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NEW YORK, NY / ACCESSWIRE / December 4, 2024 / Today, leading securities law firm Bleichmar Fonti & Auld LLP ("BFA") filed a class action lawsuit for violations of the federal securities laws against Five9, Inc. (NASDAQ:FIVN) and certain of the Company's senior executives.
The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Five9 securities, including call options, between June 4, 2024 through the close of trading on August 8, 2024, inclusive (the "Class Period"). The case is pending in the U.S. District Court for the Northern District of California and is captioned Lucid Alternative Fund, LP v. Five9, Inc., et al., No. 24-cv-8725.
What is the Lawsuit About?
Five9 provides cloud-based contact center software enabling its clients to manage multi-channel customer interactions through its Virtual Contact Center platform.
The complaint alleges that Five9 misrepresented the purported strength of the Company's net new business bookings and visibility into its installed customer base. During the Class Period, Five9 stated its "net new business" experienced "very strong bookings momentum," was "knocking down some of the largest enterprise brands," and was "strong irrespective of the macro" environment. Five9 also touted its visibility into its installed customers base, representing that the Company had "enough information in terms of our existing customers that are going live" such that Five9 would experience a positive inflection in its dollar based retention rate ("DBRR") in the second half of the year.
These statements were materially false and misleading. In truth, 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. What's more, 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." And Five9 did not have "enough information in terms of [its] existing customers that are going live" such that the Company's statements that it would see a positive inflection in its DBRR lacked a reasonable basis.
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 DBRR inflection in the second half of the year. The Company revealed it "had a challenging bookings quarter" due to "constrained and scrutinized" customer budgets and was taking remedial action to address sales execution issues. On this news, the price of Five9 stock declined over
What are my Rights?
Not later than February 3, 2025, which is the first business day after 60 days from the date of the publication of this notice, any member of the purported class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class. The ability to share in any potential future recovery is not dependent on serving as Lead Plaintiff.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Ross Shikowitz of BFA Law at 212-789-3619, or via email at ross@bfalaw.com.
About Bleichmar Fonti & Auld LLP
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs' Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over
SOURCE: Bleichmar, Fonti, & Auld LLP
View the original press release on accesswire.com
FAQ
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