NEW YORK--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/blueapron/) today announced that a class action has been commenced on behalf of purchasers of Blue Apron Holdings, Inc. (“Blue Apron”) (NYSE:APRN) Class A common stock in and/or traceable to the Registration Statement issued in connection with Blue Apron’s June 29, 2017 initial public stock offering (the “IPO”). This action was filed in the District of New Jersey and is captioned Chaudhry v. Blue Apron Holdings, Inc., No. 17-cv-6295.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from August 17, 2017. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800-449-4900 or 619-231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed at http://www.rgrdlaw.com/cases/blueapron/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Blue Apron, certain of its officers and/or directors and the underwriters of its IPO with violations of the Securities Act of 1933. Blue Apron operates an e-commerce marketplace that delivers original recipes and fresh ingredients packaged as fresh meal-kits designed to be cooked at home by consumers.
On June 28, 2017, the SEC declared the Registration Statement issued in connection with the IPO effective and on or about June 29, 2017, 30 million shares of Blue Apron Class A common stock were sold to the public at $10 per share, raising $300 million in gross proceeds for the Company.
The complaint alleges that the Registration Statement for the IPO was negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading, including that the Company was experiencing delays at its new factory in Linden, New Jersey, which would force the Company to delay new product roll-outs; the Company had already decided to reduce advertising expenditures in the second quarter of 2017, which would depress sales in future quarters; the Company was aware of Amazon.com’s efforts to enter the meal-delivery business and that Amazon.com was looking to acquire assets to help it in this regard; and the Company was experiencing issues delivering meals to customers on time and with all of the ingredients, which was hurting customer retention rates. Since the IPO, the price of Blue Apron Class A stock has declined approximately 47%, from the IPO price of $10 per share to less than $5.30 per share.
Plaintiff seeks to recover damages on behalf of all purchasers of Blue Apron Class A common stock in and/or traceable to the Registration Statement issued in connection with Blue Apron’s June 29, 2017 IPO (the “Class”). The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.
Robbins Geller is widely recognized as a leading law firm advising and representing U.S. and international investors in securities litigation and portfolio monitoring. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For the third consecutive year, the Firm ranked first in both the total amount recovered for investors and the number of shareholder class action recoveries in ISS's SCAS Top 50 Report. Robbins Geller attorneys have shaped the law in the areas of securities litigation and shareholder rights and have recovered tens of billions of dollars on behalf of the Firm’s clients. Robbins Geller not only secures recoveries for defrauded investors, it also implements significant corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit http://www.rgrdlaw.com for more information.