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.
![McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt, APC (PRNewsfoto/McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt, APC) McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt, APC (PRNewsfoto/McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt, APC)](https://mma.prnewswire.com/media/1926211/MLG_Logo.jpg)
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