Complaint Alleges Freshworks, Inc. Made False And/or Misleading Statements in Its IPO
ONTARIO, Calif., Nov. 14, 2022 /PRNewswire/ — McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brand APC (MLG) – a national law firm specializing in Securities Litigation, Class Actions, and Commercial Litigation – informs investors that a class action lawsuit has been filed on behalf of purchasers of Freshworks, Inc. (NASDAQ: FRSH) stock traceable or pursuant to its IPO arising out of their alleged false and/or misleading statements that caused investors to suffer significant loss and damages. The complaint has been filed in the United States District Court for the Northern District of California, and is captioned Sundaram v. Freshworks Inc. et al., No. 3:22-cv-06750 (N.D. Cal. Nov 01, 2022). The complaint brings claims arising under Sections 11, 12, and 15 of the Securities Act of 1933. Investors have until January 3, 2023, to move for appointment as lead plaintiff in the action.
According to the complaint, on or about September 22, 2021, Freshworks conducted its IPO, offering 28.5 million shares of its common stock to the investing public of $36 per share. The complaint alleges that Freshworks made false and/or misleading statements in its registration Statements and Prospectus. Specifically, the complaint alleges that Freshworks failed to disclose that its business had encountered significant obstacles, including the plateau of its net retention rate and deceleration of its revenue growth and billings. As the truth emerged, the value of Freshworks shares significantly declined, harming investors.
About the Lead Plaintiff Process: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or otherwise acquired Freshworks shares in the IPO to seek appointment as lead plaintiff. The lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. The lead plaintiff acts on behalf of all other class members in directing the Freshworks class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Freshworks class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Freshworks class action lawsuit.
About MLG’s Securities Litigation Practice: The Securities Litigation attorneys of MLG provide representation for investors who have been wronged through fraud, scams, and schemes. Our team pursues all avenues of compensation to maximize our clients’ recovery as they navigate this tumultuous time. With hard-hitting tactics and dedicated legal professionals protecting our clients’ interests, MLG’s Securities Litigation Practice Group hopes to hold companies accountable for their unfair or illegal financial practices.
About McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt APC: McCune Law Group has a deep history of success for its clients, including a $203 million verdict against Wells Fargo Bank, recovery of over $1 billion for its clients, and over 100 contingency cases with recovery of $1 million or more. MLG maintains California offices in Ontario, San Bernardino, Calimesa, Palm Desert, and Irvine and supports its national practice with offices in Illinois and New Jersey. For over 30 years, MLG has successfully represented Southern California residents and grown to be the largest Inland Empire consumer rights firm. Visit mccunewright.com for more information.
Contact: dct@mccunewright.com
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SOURCE McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt, APC
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