SAN FRANCISCO, Aug. 21, 2017 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in Blue Apron Holdings, Inc. (NYSE: APRN) to the securities class action filed in the United States District Court for the Eastern District of New York and to the October 16, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired shares of Blue Apron pursuant and/or traceable to the Company's initial public offering ("IPO") and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing [email protected].
During late June 2017 Defendants priced the Company's IPO for the issuance of approximately 30 million shares at $10.50 per share. In less than two months the price of Blue Apron shares has fallen $4.61, or approximately 46% from the IPO price, to close at $5.39 on August 17. 2017. In addition, certain of the IPO underwriters have reduced their target price for the stock.
The lawsuit alleges that Defendants did not disclose in the IPO Registration Statement and Prospectus that (a) rather than continuing to significantly increase advertising spending, Blue Apron had already planned to significantly reduce such spending to the detriment of future sales and profit margins, (b) the Company was experiencing problems associated with on time deliveries and complete deliveries to its customers, and (c) it had run into delays with its new factory in Linden, New Jersey.
"Among other things, we're focused on are the Defendants' omissions of pre-IPO facts reasonable investors would consider important that, when they surfaced after the IPO, appear to have severely damaged Blue Apron investors," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Blue Apron should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.