Freshworks Beats Investor Suit Over IPO Financial Results (3)

Freshworks Inc. defeated allegations that the software company misled investors over its financial expectations before its initial public offering, with the stock sliding after disappointing fiscal results were released shortly after.

No omission caused share prices to fall below the IPO price based on the “uncontested evidence” presented, and the law prevents investors from recovering for drops above that level, Judge Charles R. Breyer said for the US District Court for the Northern District of California while granting Freshworks’ motion for summary judgment.

Freshworks had shed most of lead plaintiff Mohan R. Sundaram’s proposed class action claims before Breyer ordered ...