STEVENSON, Md.--(BUSINESS WIRE)--
The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Blue Apron Holdings Inc. (NYSE: APRN) (“Blue Apron” or the “Company”) common stock issued in connection with the Company’s June 29, 2017 initial public stock offering (“IPO”). Investors who wish to become proactively involved in the litigation have until October 16, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Blue Apron’s June 29, 2017 IPO. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with the June 29, 2017 IPO that the Company had decided to reduce spending on advertising, its orders were not arriving on time or with all the ingredients needed, and the Company had encountered delays with its new factory in Linden, New Jersey.
According to the complaint, following an August 10, 2017 announcement lowering the Company’s guidance for the second half of 2017 and stating that it planned to change its strategic approach for managing the business for the remainder of 2017, the value of Blue Apron shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Blue Apron’s June 29, 2017 IPO and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at [email protected] or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
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