SAN DIEGO–(BUSINESS WIRE)–Robbins Geller Rudman & Dowd LLP announces that buyers or acquirers of Yext, Inc. (NYSE: YEXT) between March 4, 2021 and March 8, 2022 inclusive (the “Class Period”) have until August 16, 2022 to seek appointment as lead plaintiff in Menzione vs. Yext, Inc., no. 22-cv-05127 (SDNY). The Shortly The class action accuses Yext and some of its top executives of violating the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: Yext operates the Yext Platform, a cloud-based platform that enables its customers to, among other things, provide answers to consumer questions, control facts about their businesses and the content of their landing pages, and manage their consumer reviews. As COVID-19 resurfaced throughout 2021, Yext consistently assured investors that pandemic-related impacts on Yext’s business were limited as Yext adapted to lockdowns and improved efficiency of its sales and other transactions.
The Shortly The class action alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Yext’s revenues and profits deteriorated significantly due to, among other things , poor sales execution and performance, and related COVID -19 disruptions; (ii) as a result, Yext was unlikely to meet the consensus estimates for its financial results for fiscal 2022 and its outlook for fiscal 2023; and (iii) therefore, Yext’s public statements were materially false and misleading at all relevant times.
On March 8, 2022, Yext reported fourth quarter fiscal 2022 revenue of $100.9 million, below consensus estimate of $140,000; a revenue outlook for the first quarter of fiscal 2023 of $96.3 million to $97.3 million, versus consensus estimate of $103.79 million; outlook for non-generally accepted accounting principles (“GAAP”) net loss per share for the first quarter of fiscal year 2023 of $0.08 to $0.07, compared to consensus estimate of $0.05; fiscal 2023 revenue outlook of $403.3 million to $407.3 million, versus consensus estimate of $444.71 million; and a non-GAAP net loss per share outlook for fiscal 2023 of $0.19 to $0.17, versus consensus estimate of $0.09. Yext also announced the departure of its CEO and CFO. At this news, Yext’s stock price fell more than 9%, hurting investors.
THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Yext stock during the Class Period to seek appointment as lead plaintiff. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the Shortly class action. The main plaintiff can select a law firm of his choice to plead Shortly class action. An investor’s ability to participate in any potential future upturn does not depend on its status as the lead claimant of the Shortly class action.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked No. 1 in the 2021 ISS Securities Class Action Services Top 50 report for recovering nearly $2 billion for investors last year alone, more than triple the amount recovered by any other firm from plaintiffs. With 200 attorneys in 9 offices, Robbins Geller is one of the largest plaintiffs firms in the world and the firm’s attorneys have secured many of the largest securities class action recoveries in history, including the largest never-recorded securities class action recovery – $7.2 billion – in In re Enron Corp. Dry. Litigation Please visit the following page for more information:
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