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Investor Who Suffered Losses in Yext Stock Files Yext Class Action Lawsuit
Yext, Inc. (NYSE:YEXT)
— Timothy L. Miles
NASHVILLE, TENNESSEE, UNITED STATES, July 19, 2022 /EINPresswire.com/ — The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 20 years, informs investors that a that a purchaser of Yext, Inc. (NYSE: YEXT ) who suffered losses in Yexk stock, filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934. The Yext class action lawsuit seeks to represent purchasers or acquirers of Yext securities between March 4, 2021 and March 8, 2022, inclusive (the “Class Period”). The Yext class action lawsuit is captioned Menzione v. Yext, Inc., No. 22-cv-05127 (S.D.N.Y.). Lead plaintiff motions for the Yext class action lawsuit must be filed with the court no later than August 16, 2022.
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Yext Accused of Misleading Shareholders
Yext operates Yext platform, a cloud-based platform that allows 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 resurged throughout 2021, Yext consistently assured investors that pandemic-related impacts on Yext’s business were limited as Yext adapted to lockdowns and improved efficiencies in its sales and other operations.
The Yext class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Yext’s revenue and earnings were significantly deteriorating because of, among other things, poor sales execution and performance, as well as COVID-19 related disruptions; (ii) accordingly, Yext was unlikely to meet consensus estimates for its full year fiscal 2022 financial results and fiscal 2023 outlook; and (iii) as a result, Yext’s public statements were materially false and misleading at all relevant times.
On March 8, 2022, Yext reported fourth quarter of fiscal 2022 revenue of $100.9 million, falling short of consensus estimates by $140,000; first quarter of fiscal 2023 revenue outlook of $96.3 million to $97.3 million, versus consensus estimates of $103.79 million; first quarter of fiscal 2023 non-Generally Accepted Accounting Principles (“GAAP”) net loss per share outlook of $0.08 to $0.07, versus consensus estimates of $0.05; full year fiscal 2023 revenue outlook of $403.3 million to $407.3 million, versus consensus estimates of $444.71 million; and full year fiscal 2023 non-GAAP net loss per share outlook of $0.19 to $0.17, versus consensus estimates of $0.09. Yext further disclosed the departure of its CEO and CFO. On this news, Yext’s stock price fell more than 9%, damaging investors who suffered losses in Yext stock.
Lead plaintiff motions for the Yext class action lawsuit must be filed with the court no later than August 16, 2022.
Yext Shareholders Urged to Contact the Firm
If you purchased Yext securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please click here for more information or contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to [email protected] for a free caseevaluation. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer and a 2022 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019).
Awards: Top Rated Litigator by Martindale-Hubbell® and ALM (2019); 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent Rating by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors (Timothy L. Miles, Dec. 3, 2019).
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Article originally published on www.einpresswire.com as The Law Offices of Timothy L. Miles Informs Investors of a Class Action Lawsuit Against Yext, Inc.
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