LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Five9, Inc. (“Five9” or the “Company”) (NASDAQ: FIVN) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On August 8, 2024, Five9 released its second quarter 2024 financial results, disclosing that it would cut its annual revenue guidance due to a “challenging bookings quarter” and “uncertain economic conditions.” Additionally, the Company revealed that customer budgets had been “constrained and scrutinized,” that “Q2 new logo bookings came in softer than expected,” and that sales execution “wasn’t up to snuff,” announcing that the Company was “no longer assuming” a dollar-based retention rate inflection in the second half of the year.
On this news, Five9’s stock price fell $11.25, or 26.5%, to close at $31.22 per share on August 9, 2024, thereby injuring investors.
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If you purchased Five9 securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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