NEW ORLEANS, Dec. 18, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until February 3, 2025 to file lead plaintiff applications in a securities class action lawsuit against Five9, Inc. (the “Company”) (NasdaqGM: FIVN), if they purchased the Company’s securities, including call options, between June 4, 2024 and August 8, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.
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Five9 investors should visit us at https://claimsfiler.com/cases/nasdaq-fivn/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Five9 and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 8, 2024, post-market, the Company announced its 2Q 2024 financial results, disclosing cuts to its annual revenue guidance and that it was “no longer assuming” a dollar based retention rate inflection in the second half of the year, due to “constrained and scrutinized” customer budgets and “uncertain economic conditions,” among other factors, contrary to its prior representations.
On this news, the price of Five9’s shares fell over 26%, from $42.47 per share on August 8, 2024 to $31.22 per share on August 9, 2024, on unusually high trading volume.
The case is Lucid Alternative Fund, LP v. Five9, Inc., et al., No. 24-cv-8725.
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