NEW YORK, NY / ACCESSWIRE / January 3, 2023 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Freshworks, Inc. ("Freshworks" or the "Company") (NASDAQ:FRSH) and certain of its officers, on behalf of a class consisting of all persons and entities that purchased or otherwise acquired Freshworks' securities from the September 2021 initial public offering ("IPO"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/frsh
This class action seeks to recover damages against Defendants for alleged violations of the
Securities Act of 1933 (the "Securities Act").
Freshworks provides customer engagement software for businesses. On or about September 22, 2021, Freshworks conducted its IPO, offering 28.5 million shares of its common stock to the investing public at a price of $36 per share (the "Offering Price").
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 class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/frsh or contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Freshworks Inc. you have until January 3,2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Nathanson 212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz and Grossman, LLC