NEW YORK, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, has filed a securities class action lawsuit against Freshworks Inc. (NASDAQ: FRSH) (“Freshworks” or the “Company”), certain of the Company’s directors and officers, and the underwriters of Freshworks’ September 2021 initial public offering (“IPO”), alleging violations of §§11, 12 and 15 of the Securities Act of 1933. If you purchased Freshworks common stock pursuant to and/or traceable to the Company’s Registration Statement and Prospectus (collectively, the “Offering Documents”) issued in connection with the Company’s IPO, you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman at (888) 398-9312 for more information.
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.
Lead Plaintiff Deadline
The Lead Plaintiff deadline in this action is January 3, 2023. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
What You Can Do
If you purchased Freshworks common stock pursuant and/or traceable to the Offering Documents, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or jzimmerman@scott-scott.com.
About Scott+Scott
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.
This may be considered Attorney Advertising.
CONTACT:
Jonathan Zimmerman
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(888) 398-9312
jzimmerman@scott-scott.com
