According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:
- 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;
- Five9 was in the midst of a challenging bookings quarter due, in part, to sales execution and efficiency issues, and Five9 was not “seeing very strong bookings momentum”; and
- 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.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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