NEW YORK, Aug. 18, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Blue Apron Holdings, Inc. ("Blue Apron" or the "Company") (NYSE: APRN) securities and certain of its officers, on behalf of a class who purchased Blue Apron securities pursuant to the Registration Statement issued in connection with the Company's initial public offering ("IPO"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/aprn.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made materially false and misleading statements in the Registration Statement and 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.
On August 10, 2017, Blue Apron revealed that it had run into delays with its new factory in Linden, New Jersey, leading to additional delays in new product rollouts, impeding Blue Apron's ability to gain new customers and maintain current customers. Following this news, Blue Apron stock dropped $1.10 per share or over 17% to close at $5.14 per share on August 10, 2017, a 50% drop from the IPO price.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/aprn or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Blue Apron you have until October 16, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.