The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Yext, Inc. (YEXT) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Yext, Inc. (“Yext” or the “Company”) (NYSE: YEXT) securities between March 4, 2021 and March 8, 2022, inclusive (the “Class Period”). Yext investors have until August 16, 2022 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On March 8, 2022, Yext released its fourth quarter and full year 2022 fiscal results, reporting a Q4 revenue of $100.9 million, missing consensus estimates by $140,000. The same day, Yext revealed that its Chief Executive Officer and Chief Financial Officer were both stepping down from their positions. During the related conference call, the Company’s incoming CEO stated that “[i]n hindsight, it is clear we were too focused on building sales capacity and not focused enough on other functions that drive productivity . . . .”

On this news, Yext’s stock fell $0.55, or 9.3%, to close at $5.37 per share on March 9, 2022.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Yext’s revenue and earnings were significantly deteriorating because of, inter alia, poor sales execution and performance, as well as COVID-19 related disruptions; (2) accordingly, Yext was unlikely to meet consensus estimates for its full year (“FY”) fiscal 2022 financial results and fiscal 2023 outlook; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Yext securities during the Class Period, you may move the Court no later than August 16, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Yext securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220627005313/en/

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Yext, Inc. (YEXT) Investors