GARDEN CITY, N.Y.--(BUSINESS WIRE)--JFJN Law (the “firm) announces the filing of a class action lawsuit against Blue Apron Holdings, Inc., (“APRN” or the “Company”) (NYSE:APRN). Investors who purchased or otherwise acquired shares between June 28, 2017 and the present, inclusive (the “Class Period”) are encouraged to contact the Firm in advance of the October 20, 2017 lead plaintiff motion deadline.
If you purchased shares in APRN during the Class Period, please contact Justin Frankel, Esq. or Jason Newfield, Esq., of JFJN Law, 1-888-459-0507 or click here before October 20, 2017.
THERE HAS NOT BEEN A CLASS CERTIFICATION OF THIS CASE YET. UNTIL CERTIFICATION OCCURS, YOU ARE NOT REPRESENTED BY AN ATTORNEY. YOU MAY CHOOSE TO TAKE NO ACTION AND REMAIN A PASSIVE CLASS MEMBER.
According to the Class Action Complaint, APRN made false and misleading statements in their Registration Statement. As a result, Blue Apron priced the IPO at $10.00 per share and issued and sold over 30 million shares.
According to the Complaint, APRN made false and misleading statements and/or failed to disclose that: (1) rather than continue to significantly increase spending on advertising, Blue Apron had already decided to significantly reduce spending on advertising in Q2 2017, which would hurt sales and profit margins in future quarters; (2) Blue Apron was already experiencing adverse on-time in-full rates, meaning orders were not arriving on time or with all the ingredients needed, which was hurting customer retention; and (3) Blue Apron had run into delays in Q2 2017 with its new factory in Linden, New Jersey. Since the Initial Public Offering, Blue Apron’s stock has plummeted materially, which has caused investors harm as articulated in the Complaint.
As a result, and according to the Complaint, on August 10, 2017, less than two months after Blue Apron went public, Blue Apron announced significant problems and lowered its guidance for the second half of 2017. Following these statements, Blue Apron’s stock closed at $5.14 per share, a loss of almost 50% of its IPO price.
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If you suffered a loss in Blue Apron (APRN), you have until October 20, 2017 to request that the Court appoint you as a lead plaintiff. Your ability to share in any recovery does not require you serve as a lead plaintiff.