The Yext class action lawsuit seeks to represent purchasers or acquirers of Yext, Inc. (NYSE: YEXT) securities between March 4, 2021 and March 8, 2022, inclusive (the “Class Period”). The Yext class action lawsuit – captioned Menzione v. Yext, Inc., No. 22-cv-05127 (S.D.N.Y.) – charges Yext and certain of its top executive officers with violations of the Securities Exchange Act of 1934. Read on to learn more including the Firm’s investigation of the Board for possible breaches of fiduciary duty and other violations.
Allegations in the Yext Class Action Lawsuit
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. If you have further questions about the Yext class action lawsuit, please contact Yext Stock Loss Lawyer Timothy L. Miles today.
Investigation of the Yext Board
The investigation of the Yext board focuses on whether the board of directors of Yext have breached their fiduciary duties to the company in light of the serious allegations raised in the Yext class action lawsuit filed against the Company. The firm urges long-term stockholders of Yext to call a Yext Stock Loss Lawyer Timothy L. Miles today or simply submit the form at the bottom of the link if you have questions about the investigation of the Yext Board.
Long-Term Stockholders Urged to Contact Yext Stock Loss Lawyer Timothy L. Miles
If you are a long-term stockholder of Yext, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Yext Stock Loss Lawyer, Timothy L. Miles, by email at email@example.com, or telephone at (858) Tim-MLaw, or by filling out the contact form at the bottom of the link and someone will promptly call you back. There is no cost or obligation to you, so go ahead and call and see what a Yext Lawyer can do for you.
Timothy L. Miles, Esq.
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, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. 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). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, and more.
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