Five9, Inc. misrepresented how well its business was burgeoning among prospective and current clients, wrongly flaming revenue expectations for the second half of 2024 that ultimately caused its largest stock drop ever, an investment fund says in a proposed class action.
Five9, which offers software for a cloud-based contact center, improperly touted its new bookings momentum and knowledge of its existing base’s business, says Lucid Alternative Fund LP in the complaint filed in the US District Court for the Northern District of California on Wednesday.
At conferences in June, company executives were optimistic about the company’s financial direction, saying they ...
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