SAN DIEGO, Aug. 17, 2017 (GLOBE NEWSWIRE) -- Bottini & Bottini, Inc., a law firm specializing in securities class action litigation, announces that it has filed a class action lawsuit on behalf of all persons who purchased the common stock of Blue Apron Holdings, Inc. (NYSE:APRN) pursuant to the Registration Statement issued in connection with the Company’s initial public offering (“IPO”). The lawsuit—pending in the United States District Court for the Eastern District of New York —seeks to recover damages under the federal securities laws for those who purchased Blue Apron stock.
Investors who have incurred losses in are urged to contact the firm immediately at fab@bottinilaw.com or (858) 914-2001. Bottini & Bottini is representing clients on a contingency fee basis. You may obtain additional information concerning the action on our website, www.bottinilaw.com.
If you purchased shares of Blue Apron Holdings, Inc. and would like to assist with the case as a lead plaintiff, you must, no later than October 16, 2017, request that the Court appoint you a lead plaintiff of the proposed class.
The lawsuit charges that Blue Apron violated the Securities Act of 1933 because the Registration Statement 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) that 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) that the Company had run into delays in Q2 2017 with its new factory in Linden, New Jersey.
Subsequent to the IPO, Blue Apron’s stock declined immediately, declining below $5 per share less than two months after the IPO -- a decline of 50% from the IPO price.
If you wish to join the litigation or discuss your interests in this lawsuit, contact Frank A. Bottini of Bottini & Bottini at (858) 914-2001 or fab@bottinilaw.com.