Five9(US:FIVN) Prnewswireยท2025-01-31 10:45Core Viewpoint - A class action securities lawsuit has been filed against Five9, Inc. alleging securities fraud that affected investors between June 4, 2024, and August 8, 2024 [1][2]. Group 1: Allegations of Fraud - The lawsuit claims that Five9's net new business was not as strong as represented, being negatively impacted by macroeconomic factors such as constrained customer budgets [2]. - It is alleged that Five9 faced a challenging bookings quarter due to issues with sales execution and efficiency, contradicting claims of strong bookings momentum [2]. - The defendants purportedly lacked sufficient information regarding existing customers going live, making statements about a positive inflection in the dollar-based retention rate unfounded [2]. Group 2: Legal Process and Participation - Investors who suffered losses during the specified timeframe have until February 3, 2025, to request to be appointed as lead plaintiff, although participation in any recovery does not require this [3]. - Class members may be entitled to compensation without incurring any out-of-pocket costs or fees, with no obligation to participate [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and is recognized as one of the top securities litigation firms in the United States [4].