Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Five9, Inc. who purchased shares between June 4, 2024 and August 8, 2024.
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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until February 3, 2025 to request that the court appoint them lead plaintiff.