BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Yext, Inc. (“Yext” or the “Company”) (NYSE: YEXT) securities between March 4, 2021 and March 8, 2022, inclusive (the “Class Period”). Yext investors have until August 16, 2022 to file a lead plaintiff motion.
Investors suffering losses on their Yext investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On March 8, 2022, Yext released its fourth quarter and full year 2022 fiscal results, reporting a Q4 revenue of $100.9 million, missing consensus estimates by $140,000. The same day, Yext revealed that its Chief Executive Officer and Chief Financial Officer were both stepping down from their positions. During the related conference call, the Company’s incoming CEO stated that “[i]n hindsight, it is clear we were too focused on building sales capacity and not focused enough on other functions that drive productivity . . . .”
On this news, Yext’s stock fell $0.55, or 9.3%, to close at $5.37 per share on March 9, 2022.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Yext’s revenue and earnings were significantly deteriorating because of, inter alia, poor sales execution and performance, as well as COVID-19 related disruptions; (2) accordingly, Yext was unlikely to meet consensus estimates for its full year (“FY”) fiscal 2022 financial results and fiscal 2023 outlook; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Yext securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.