More Class Actions Over Blue Apron's Post-IPO Troubles
Food delivery service Blue Apron, which has faced significant challenges since the issuance of its initial public offering, is now confronted with another class action suit by an investor over alleged securities violations.
August 28, 2017 at 04:00 PM
2 minute read
Food delivery service Blue Apron, which has faced significant challenges since the issuance of its initial public offering, is now confronted with another class action suit by an investor over alleged securities violations.
The suit, Speiser v. Blue Apron Holdings, 17-cv-06517, was filed in the U.S. District Court for the Southern District of New York by investor David Speiser. Speiser alleges a number of complaints against the company that represent materially false and misleading statements.
The company, according to Speiser, misled investors when it filed to go public about increasing advertising spending, having decided to reduce such spending after the company went public in June. The company was already struggling with customer retention over order fulfillment issues, while a new New Jersey facility's delay in coming online led to problems the company should have known about.
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