Five9, Inc. (NASDAQ: FIVN)

This lawsuit is for anyone who acquired securities in Five9, Inc. (NASDAQ: FIVN) from June 4, 2024 through August 8, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by overstating expected revenue growth from increased customer subscriptions considering that the Company knew, at the time that it made its guidance, of economic headwinds that made increased subscriptions unlikely.

On August 8, 2024, Five9 released its second quarter 2024 financial results, disclosing that it would cut its annual revenue guidance due to a “challenging bookings quarter” and “uncertain economic conditions.” Additionally, the Company revealed that customer budgets had been “constrained and scrutinized,” that “Q2 new logo bookings came in softer than expected,” and that sales execution “wasn’t up to snuff,” announcing that the Company was “no longer assuming” a dollar-based retention rate inflection in the second half of the year. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Five9, Inc. (NASDAQ: FIVN) from June 4, 2024 through August 8, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.