https://www.bfalaw.com/siteFiles/Cases/FIVNAmendedComplaintAsFiled.pdf
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@1ke HR Damage control is officially in the house.
@1ke great job Sherlock Holmes. Brilliant. Yes, there is no legal basis of the claims in the amendment. Duh. But what the amendment continues to highlight is the shady and highly questionable CEO and his favoritism, nepotism, and very poor leadership which has impacted Five9. The amendment claims are true, as stated in the details, even his President doesn’t agree with the CEO. CEO is the toxic link.
If these allegations are true, this exposes the scheming and the inside lever pulling shenanigans by Five9 execs, something that's usually hidden from employees and customers. Literally like a soap opera.
A really crazy soap opera driven by massive and all consuming greed.
Senior Management is completely clueless. They keep shedding hard working employees, hiring Indians who know nothing and adding over priced and worthless EVPs.
Today, company insiders say that the group that engineered the last round of layoffs is back at company headquarters.
Get out while you still can.
Five9’s downfall didn’t happen overnight. It’s been unraveling since 2022 when Mike took the wheel and slowly began siphoning value for friends and family while disengaging from the core business.
By 2024, customer revenue was bleeding and instead of bold correction, the company leaned into backdoor tactics that only deepened the spiral.
Now the exodus is in full swing. Top talent is being pushed out either through quiet resignations or sweeping layoffs, leaving behind a hollowed-out shell.
In the age of AI disruption, Five9 is still clinging to legacy systems with no competitive product to speak of. They have missed the moment.
The lawsuits now surfacing are not baseless. They are backed by firsthand accounts and hard receipts. This is not just a PR storm. It is shaping up to be a legal and reputational reckoning.
With household-name customers like FedEx, CVS, and Wells Fargo on the books, the stakes are even higher. These brands are risk averse and deeply protective of their image. It is only a matter of time before they start distancing themselves.
With no innovation lifeline, no clear leadership, and no market trust, this is no longer about course correction. It is damage control at best and a crash landing at worst.
Can someone say this in simple terms - are we out of business?
Well, this is not aging well
Commenting on the latest move, a Five9 spokesperson stated: “As part of our ongoing efforts to align our business with strategic priorities, we recently made the difficult but necessary decision to restructure certain areas of our organization.
This decision was not made lightly, and we extend our gratitude to all impacted employees for their contributions and dedication during their time at Five9.
“We are proactively working to support those affected during this transition and remain focused on our long-term vision and the continued success of our employees, customers, partners, and stakeholders,” concluded the spokesperson.
Despite the layoffs, Five9 reported another quarter of double-digital growth last quarter, raising its revenues by 17 percent year-over-year (YoY). That’s no mean feat in a crowded market.
Excerpt from the doc:
"In an effort to re-accelerate growth, in November 2022, Defendant Burkland returned to Five9 as Chief Executive Officer (CEO), receiving a compensation package valued at the grant date at more than $38.2 million in cash and stock units for his one month of service that year."
@a7 well said. Panos has made his millions, not delivered anything, and gifted us the insanely stupid race car analogy which I am pretty sure he stole from someone. The guy is utterly useless. He got powerful because there was no one competent at Five9 to challenge him at his stupid juvenile chess game. Everyone was busy collecting their RSUs. I wonder how long Rowan had let this go on but then again he was the one who hired this scam artist in the first place. His direct reports are a cut above all when it comes to incompetency - Porto and here. Low IQ "leaders" who were let go from our competitors or other companies with performance based culture. Every project/initiative is multi-year (if delivered) and resource constraint is always used as an excude. While Panos collects his millions excelling at being truly pathetic and incompetent, his cronies make money and enjoy their bloated titles. This company used to be good.
This is really sc--wed up, Burkland should be in prison. He organize Christmas parties and hold meetups in the prison yard.
Panos and Jonathan are 2 sides of a devil face.
Legally I’m not sure who can even address it and if they do it could be used against them in the suit. The board needs to move swiftly to preserve shareholder value - what’s left of it
Does anyone think this will be talked about at all by estaff?
As much as I am surprised how deep the issue is rooted and how malicious it is! Criminal one may say, I am more surprised that very little is spoken about the other organizations especially the ones that report to Panos. The amount of waste and incompetence spread out. Just one big happy family, taking everyone down with them.
It's all good as long as they are paying! hope this is a wake-up call for everyone!