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NEW YORK, Nov. 03, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP announces that on behalf of investors who own Freshworks Inc. (“Freshworks” or the “Company”) (NASDAQ: FRSH) common stock pursuant to and /or traceable to the registration statement and prospectus (collectively, the “Offering Documents”) issued in connection with the Company’s initial public offering (the “IPO” or the “Offering”). The lawsuit was filed in the United States District Court for the Northern District of California alleging violations of the Securities Act of 1933.

Headquartered in San Mateo, California, Freshworks provides customer engagement software for businesses. On or about September 22, 2021, Freshworks completed its initial public offering, offering to the investing public 28.5 million shares of common stock at a price of $36 per share (the “Offer Price”). Defendants anticipated gross proceeds of over $1 billion from the IPO.

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 for 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 achieved , and there was also no indication that it was slowed down. Rather, the Offer Documents repeatedly and clearly supported Freshworks’ net dollar retention rate of 118% for the period ended December 30, 2008.