Background: This case concerns Five9’s misrepresentations regarding the purported strength of the company’s net new business bookings and visibility into its installed customer base.  During the relevant period, Five9 stated its “net new business” experienced “very strong bookings momentum,” was “knocking down some of the largest enterprise brands,” and was “strong irrespective of the macro” environment.  In truth, when these statements were made, Five9 was in the throes of a “challenging bookings quarter” due to constrained and scrutinized customer budgets and sales execution issues, forcing the company to cut its annual revenue guidance and take remedial action to address sales execution issues.

BFA's Role: BFA represents Lucid Alternative Fund, LP and serves as Lead Counsel for the putative class.

Status: BFA was appointed Lead Counsel on March 18, 2025 and is preparing the amended complaint.