Five9, Inc.
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.
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.
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.