||Blue Apron Holdings, Inc.
||United States District Court for the Eastern District of New York
||The Hon. William Francis Kuntz II
||Pursuant and/or traceable to the Company's IPO on or about June 29, 2017
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. The Complaint alleges that Blue Apron’s Registration Statement failed to disclose that: 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; 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 that the Company had run into delays in Q2 2017 with its new factory in Linden, New Jersey. Subsequent to its Initial Public Offering (“IPO”) on June 29, 2017, Blue Apron’s stock declined immediately, declining below $5 per share less than two months after the IPO -- a decline of 50% from the $10 per share IPO price.
Current Status of Case:
Defendants filed a Motion to Dismiss the Complaint on May 21, 2018. On April 22, 2020, the Court issued an Order denying defendants' Motion to Dismiss. Document discovery is scheduled to be completed by July 12, 2021. This action is still ongoing.
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