http://www.rgrdlaw.com/cases/blueapron/
The complaint charges Blue Apron, certain of its officers and/or
directors and the underwriters of its IPO with violations of the
Securities Act of 1933. Blue Apron operates an e-commerce marketplace
that delivers original recipes and fresh ingredients packaged as fresh
meal-kits designed to be cooked at home by consumers.
On June 28, 2017, the SEC declared the Registration Statement issued in
connection with the IPO effective and on or about June 29, 2017, 30
million shares of Blue Apron Class A common stock were sold to the
public at $10 per share, raising $300 million in gross proceeds for the
Company.
The complaint alleges that the Registration Statement for the IPO was
negligently prepared and, as a result, contained untrue statements of
material fact or omitted to state other facts necessary to make the
statements made not misleading, including that the Company was
experiencing delays at its new factory in Linden, New Jersey, which
would force the Company to delay new product roll-outs; the Company had
already decided to reduce advertising expenditures in the second quarter
of 2017, which would depress sales in future quarters; the Company was
aware of Amazon.com's efforts to enter the meal-delivery business and
that Amazon.com was looking to acquire assets to help it in this regard;
and the Company was experiencing issues delivering meals to customers on
time and with all of the ingredients, which was hurting customer
retention rates. Since the IPO, the price of Blue Apron Class A stock
has declined approximately 47%, from the IPO price of $10 per share to
less than $5.30 per share.
Plaintiff seeks to recover damages on behalf of all purchasers of Blue
Apron Class A common stock in and/or traceable to the Registration
Statement issued in connection with Blue Apron's June 29, 2017 IPO (the
"Class"). The plaintiff is represented by Robbins Geller, which has
extensive experience in prosecuting investor class actions including
actions involving financial fraud.
Robbins Geller is widely recognized as a leading law firm advising and
representing U.S. and international investors in securities litigation
and portfolio monitoring. With 200 lawyers in 10 offices, Robbins Geller
has obtained many of the largest securities class action recoveries in
history. For the third consecutive year, the Firm ranked first in both
the total amount recovered for investors and the number of shareholder
class action recoveries in ISS's SCAS Top 50 Report. Robbins Geller
attorneys have shaped the law in the areas of securities litigation and
shareholder rights and have recovered tens of billions of dollars on
behalf of the Firm's clients. Robbins Geller not only secures recoveries
for defrauded investors, it also implements significant corporate
governance reforms, helping to improve the financial markets for
investors worldwide. Please visit http://www.rgrdlaw.com
for more information.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170821005914/en/
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