Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Blue Apron Holdings, Inc. (APRN)

NEW YORK, Aug. 21, 2017 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Blue Apron Holdings, Inc. (“Blue Apron” or the “Company”) (NYSE:APRN) in connection with the Company’s initial public offering (the “IPO”).  The action is pending in the United States District Court for the Eastern District of New York and seeks to recover compensable damages caused by Defendants’ violations of the Securities Act of 1933. 

The Complaint alleges 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) 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, the Company’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 serve as lead plaintiff, you must move the Court no later than October 16, 2017.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.