Freshworks Inc. Class Action Complaint Filed: Johnson Fistel Encourages Shareholders to Submit Their FRSH Losses
Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Freshworks Inc. (NASDAQ: FRSH) (“Freshworks” or the “Company”). The class action is on behalf of shareholders who purchased Freshworks pursuant to and/or traceable to the Company’s Registration Statement and Prospectus (collectively, the “Offering Documents”) issued in connection with the Company’s IPO. Investors are hereby notified that they have until January 3, 2023, to move the Court to serve as lead plaintiff in this action.
What actions may I take at this time? If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (firstname.lastname@example.org) by email or phone at 619-814-4471. If emailing, please include a phone number.
There is no cost or obligation to you.
According to the complaint filed in the U.S. District of California, Northern District and captioned Sundaram v. Freshworks Inc. et al., Case No. 3:22-cv-6750, 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. As a result, Freshworks’ net dollar retention rate was plateauing, and its revenue growth rate and billings were decelerating. As the truth about the Company’s business reached the market, the value of its shares declined dramatically, causing Freshworks investors to suffer significant damages. Indeed, by the commencement of the action, Freshworks’ shares traded as low as $10.51 per share, representing a decline of over 70% from the Offering Price.
A lead plaintiff will act on behalf of all other class members in directing the Freshworks class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the Freshworks class action lawsuit is not dependent upon serving as lead plaintiff.
For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471