SAN FRANCISCO, Dec. 12, 2022 (GLOBE NEWSWIRE) — Hagens Berman Urges Freshworks Inc. (Nasdaq: FRSH) Investors who have suffered significant losses should report their losses now.
Class defined: Buyers in Freshworks Inc.’s September 21, 2021 IPO
Leading Plaintiff Deadlines: January 3, 2023
visit: www.hbsslaw.com/investor-fraud/FRSH
Contact a Lawyer Now: FRSH@hbsslaw.com
844-916-0895
Freshworks Inc. (NASDAQ: FRSH) Stock Class Action:
The lawsuit focuses on defendants’ misrepresentations and omissions related to Freshworks’ September 2021 initial public offering (“IPO”), in which the company sold 28.5 million shares at $36 per share, Generated over $1 billion in revenue.
Specifically, Freshworks’ IPO registration statement repeatedly touted the company’s “net dollar retention rate” (a measure of growth within its customer base) and marked increases in year-over-year revenue growth.
The complaint alleges that the IPO registration statement misled investors by failing to disclose that the company’s business had encountered a material impediment, causing Freshworks’ net dollar holdings to level off and revenue growth and claims to fall. slowed down.
On February 10, 2022, the truth began to reach the market when the company reported its fourth quarter 2021 earnings. Freshworks’ stock fell about 18% as a result.
Then, on May 3, 2022, Freshworks announced earnings for the first quarter of 2022. This includes another quarter of slowing revenue growth and claims below consensus expectations. As a result, Freshworks’ stock price fell again.
By the start of action, the stock had traded to $10.51 per share, down 70% from its IPO price.
“Our focus on investor losses proves that Freshworks misled investors about slowing growth,” said Reed Kathrein, partner at Hagens Berman, who led the study. increase.
If you have invested in Freshworks and lost a lot of money, or if you have knowledge that could help us investigate the company, please click here to discuss your legal rights with Hagens Berman.
Whistleblower: Anyone with nonpublic information about Freshworks should consider cooperating in an investigation or using the SEC Whistleblower Program. Under the new program, whistleblowers who provide original information can be rewarded up to 30% on total successful recoveries by the SEC. Please call Reed Kathrein for more information. 844-916-0895 Or send an email to FRSH@hbsslaw.com.
About Hagens Bermann
Hagens Berman is a global law firm specializing in complex plaintiff rights litigation with a focus on corporate accountability through class action law. The firm is home to a strong securities litigation practice and is committed to helping investors, whistleblowers, workers as well as investors when achieving real results for those victimized by corporate negligence and fraud. , consumers, etc. For more information on the company and its success, please visit hbsslaw.com. Follow the company for updates and news at @ClassActionLaw.
contact:
Reed Kathline, 844-916-0895
