SAN DIEGO, Nov. 10, 2022 (GLOBE NEWSWIRE) —

The class: Robbins LLP Reminds investors that a shareholder has filed a class action lawsuit against Freshworks Inc. (NASDAQ:FRSH) in connection with the company’s initial public offering (“IPO”) under the Securities Act of 1933.

What now: Shareholders in a similar situation may be eligible to participate in the class action lawsuit against Freshworks. Shareholders who wish to be named lead plaintiff in the class action must file by January 3, 2023. A lead plaintiff is a representative party acting on behalf of other members of the class in conducting the litigation. You do not have to be present at the case to be eligible for a recovery. Click for more information here.

All representations are on a contingency fee basis. Shareholders pay no fees or costs.

What is it about in this case: Freshworks Inc. (FRSH) has misled investors regarding its business prospects

According to the complaint, on or about September 22, 2021, Freshworks conducted its IPO and offered the investing public 28.5 million shares of common stock at $36 per share.

According to the offering documents, Freshworks’ business had “grown rapidly” in the run-up to the IPO, with the company having a “broad appeal of [its] products to customers of all sizes and geographies.” As a result, the company’s growth rates and reportedly “healthy” net dollar retention rates, which reflect the use of its products by existing customers and the sale of additional products to those customers, reached levels not previously attained, and there was also no indication that it was slowed down. However, the offering documents were false and misleading, failing to state that at the time of the IPO, Freshworks’ net dollar retention rate had plateaued while its revenue growth rate and billings were actually slowing.

Freshworks shares fell after the company reported its results for the fourth fiscal quarter of 2021 on February 10, 2022,…