Kirby McInerney LLP Announces the Filing of a Securities Class Action on Behalf of Freshworks, Inc. (FRSH) Investors
NEW YORK--(BUSINESS WIRE)--Dec 15, 2022--
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 Freshworks, Inc. (“Freshworks” or the “Company”) (NASDAQ: FRSH ) securities pursuant and/or traceable to the registration statement issued in connection with Freshworks’ September 2021 initial public offering (“IPO”). Investors have until January 23, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Freshworks provides software as a service platform that enables small and medium-sized businesses to support customers through e-mail, phone, website, and social networks. The Company offers multi-product support, a knowledge base, self-service portal, community forums, and tools to leverage mainstream social media for customer support.
On or about September 22, 2021, Freshworks conducted its IPO, offering 28.5 million shares of its common stock to the investing public at a price of $36 per share.
On February 10, 2022, Freshworks announced its fourth fiscal quarter of 2021 earnings, during which it reported flat calculated billings growth (of 41% when normalized for early renewals and reserve activity) and revenue growth deceleration (of only 44% year over year). On this news, the price of Freshworks shares declined by $4.05 per share, or approximately 18.03%, from $22.46 per share to close at $18.41 February 11, 2022.
On May 3, 2022, after the market closed, Freshworks reported its first quarter 2022 financial results, reporting a third quarter of decelerating revenue growth and billings that missed consensus estimates and declined 13% quarter over quarter. On this news, over the course of two days, the price of Freshworks shares declined by $0.97 per share, or approximately 5.72%, from $16.96 per share to close at $15.99 on May 5, 2022.
The lawsuit alleges that Defendants made false and/or misleading statements and/or failed to disclose that the Offering Documents used to effectuate Freshworks’ IPO were false and misleading and omitted to state that, at the time of the offering, the Company’s business had encountered obstacles.
If you purchased or otherwise acquired Freshworks securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20221215006015/en/
CONTACT: Kirby McInerney LLP
Thomas W. Elrod, Esq.
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA NEW YORK
INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL
SOURCE: Kirby McInerney LLP
Copyright Business Wire 2022.
PUB: 12/15/2022 02:51 PM/DISC: 12/15/2022 02:51 PM