Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Freshworks Inc. (FRSH)

New York, New York--(Newsfile Corp. - November 2, 2022) - Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased Freshworks Inc. ("Freshworks" or "the Company") (NASDAQ: FRSH) securities pursuant and/or traceable to the Company's initial public offering conducted in September 2021 (the "IPO").

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").

The Complaint alleges that 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. 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.

Investors who purchased or otherwise acquired shares of Freshworks should contact the Firm prior to the January 3, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142868