LOS ANGELES, Nov. 18, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 3, 2023 deadline to file a motion by lead plaintiff in the class action filed on behalf of investors who purchased or otherwise acquired Freshworks Inc. (“Freshworks” or the “Company”) (NASDAQ: FRSH) ordinary shares issued in connection with the initial public offering of the Company in September 2021 (the “IPO” or the “Offer”).
If you have suffered a loss on your Freshworks investments or would like to inquire about possible claims to recover your loss under federal securities laws, you may submit your contact information to www.glancylaw.com/cases/freshworks-inc/. You may also contact Charles H. Linehan, of GPM at 310-201-9150, toll-free at 888-773-9224, or by email at [email protected] to find out more about your rights.
In September 2021, Freshworks completed its IPO, selling 28.5 million common shares at $36 per share.
On February 10, 2022, Freshworks announced disappointing financial results for the fourth quarter of 2021, reporting calculated billing growth and a deceleration in revenue growth of only 44% year-over-year .
On this news, the Company’s share price fell $4.05, or 18%, to close at $18.41 per share on February 11, 2022, hurting investors.
Then, on May 3, 2022, after market hours, Freshworks released its first quarter 2022 financial results, revealing a third quarter of slowing revenue growth and billings that missed consensus estimates and fell 13% from one quarter to the next.
Following this news, the Company’s share price fell $0.97, or 5.7%, over two consecutive trading days, to close at $15.99 per share on May 5, 2022. , further harming investors.
The complaint filed in this class action alleges that the defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the company’s business, operations and prospects. Specifically, the defendants failed to disclose to investors that: (1) Freshworks’ net dollar retention rate plateaued as its revenue growth rate and billings slowed, and (2) as a result, the positive statements defendants’ business, operations, and outlook were materially misleading and/or lacked a reasonable basis at all relevant times.
If you have purchased or otherwise acquired shares of Freshworks common stock pursuant to the IPO and/or traceable to such IPO, you may sue in court no later than January 3, 2023 to seek appointment as lead plaintiff in this putative class action. To be a class member, you do not need to take any action at this time; you can retain the services of a lawyer of your choice or do nothing and remain an absentee member of the class action. If you would like to know more about this class action, or if you have any questions about this announcement or your rights or interests in the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected]or visit our website at www.glancylaw.com. If requesting by email, please include your mailing address, phone number and number of shares purchased.
This press release may be considered attorney advertising in certain jurisdictions under applicable law and ethics rules.