Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Freshworks Inc. (FRSH)
LOS ANGELES, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 3, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Freshworks Inc. (“Freshworks” or the “Company”) (NASDAQ: FRSH ) common stock issued in connection with the Company’s September 2021 initial public offering (the “IPO” or “Offering”).
If you suffered a loss on your Freshworks investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/freshworks-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
In September 2021, Freshworks completed its IPO, selling 28.5 million shares of common stock at $36 per share.
On February 10, 2022, Freshworks announced disappointing fourth quarter 2021 financial results, reporting flat calculated billings growth and revenue growth deceleration of only 44% year-over-year.
On this news, the Company’s stock price fell $4.05, or 18%, to close at $18.41 per share on February 11, 2022, thereby injuring investors.
Then, on May 3, 2022, after market hours, Freshworks reported its first quarter 2022 financial results, disclosing a third quarter of decelerating revenue growth and billings that missed consensus estimates and declined 13% quarter over quarter.
On this news, the Company’s stock price fell $0.97, or 5.7%, over two consecutive trading days, to close at $15.99 per share on May 5, 2022, thereby injuring investors further.
The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Freshworks’ net dollar retention rate had plateaued while its revenue growth rate and billings were decelerating, and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Freshworks common stock pursuant and/or traceable to the IPO, you may move the Court no later than January 3, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224