Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Yext, Inc. (YEXT)

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming August 16, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Yext, Inc. (“Yext” or the “Company”) (NYSE: YEXT) securities between March 4, 2021 and March 8, 2022, inclusive (the “Class Period”).

If you suffered a loss on your Yext investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/yext-inc-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

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.

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If you purchased or otherwise acquired Yext securities during the Class Period, you may move the Court no later than August 16, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [e-mail], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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