THE LAWSUIT: A class action securities lawsuit was filed against Five9, Inc. (FIVN) that seeks to recover losses of Five9, Inc. shareholders who were adversely affected by alleged securities fraud between June 4, 2024 and August 8, 2024
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CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) 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; (ii) 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 (iii) defendants did not have “enough information in terms of [their] existing customers that are going live” such that the statements that Five9 would see a positive inflection in its dollar-based retention rate lacked a reasonable basis.
WHAT’S NEXT? If you suffered a loss in Five9, Inc. stock during the relevant time frame – even if you still hold your shares – go to https://zlk.com/pslra-1/five9-inc-lawsuit-submission-form?wire=18 to learn about your rights to seek a recovery. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
https://zlk.com/
