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About the Case

According to the complaint, Freshworks’ stock started to decline after the company announced its fourth fiscal quarter of 2021 earnings on February 10, 2022, during which it reported flat calculated billings growth (of 41% when normalized for early renewals and reserve activity) and revenue growth deceleration (of only 44% year over year). Following this news, Freshworks’ stock dropped 18%, closing on February 11, 2022 at $18.41 per share.

Then, on May 3, 2022, after the market closed, Freshworks reported its first quarter 2022 financial results, reporting a third quarter of decelerating revenue growth and billings that missed consensus estimates and declined 13% quarter over quarter. On May 5, 2022, Freshworks closed at $15.99 per share, down approximately 5.72% over two days.

At the time this case was filed, Freshworks’ stock traded as low as $10.51 per share, or nearly 70% below the Offering Price.

The complaint alleges that, the Offering Documents, were false and misleading and omitted to state that, at the time of the Offering, Freshworks’ net dollar retention rate had plateaued while its revenue growth rate and billings were, in fact, decelerating.

Berger Montague Counsel

Andrew Abramowitz, Esq.

25%

aabramowitz@bm.net

(215) 875-3015

bergermontague.com

Data set

James Maro, Esq.

25%

jmaro@bm.net

(215) 875-3093

bergermontague.com

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25%

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