| COMPANY |
Blue Apron Holdings, Inc. |
| COURT |
United States District Court for the Eastern District of New York |
| CASE NUMBER |
17-cv-04846 |
| JUDGE |
The Hon. William Francis Kuntz II |
| CLASS PERIOD |
Pursuant and/or traceable to the Company's IPO on or about June 29, 2017 |
| SECURITY TYPE |
Common Stock |
Case Background:
On August 17, 2017, the initial complaint in this securities class action was filed against Blue Apron Holdings (“Blue Apron” or the “Company”), and certain of Blue Apron’s directors, officers and underwriters, asserting violations of Sections 11 and 15 of the Securities Act. This is a federal securities class action lawsuit brought on behalf of all persons who purchased or otherwise acquired Blue Apron securities pursuant and/or traceable to the Company’s initial public offering (“IPO”) on or about June 29, 2017 (the “Class Period”).
The complaint alleges that Blue Apron’s 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) 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) 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 on June 28, 2017 -- a decline of 50% from the $10 per share IPO price.
Current Status of Case:
Defendants filed a Motion to Dismiss Plaintiff’s Amended Complaint on May 21, 2018. On April 22, 2020, the Court issued an Order denying Defendant’s Motion to Dismiss. On February 1, 2021, the Court granted Plaintiff’s Motion for Final Approval of Settlement and Final Judgment was entered on May 10, 2021. This action has concluded.
The deadline to file a claim is March 27, 2021. If you have any questions or need further information about this settlement, you may go to the following website, http://www.blueapronsecuritiessettlement.com/, or you can contact the claims administrator, A.B. Data, Ltd. at 1-877-884-3360.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.