SAN DIEGO, March 21, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in California for certain investors in Apigee Corp (NASDAQ:APIC) against Apigee Corp, certain of its directors, and underwriters of Apigee’s initial public offering in April 2015 over alleged Violations of Securities Laws.
Investors who purchased shares of Apigee Corp (NASDAQ:APIC) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On April 24, 2015, Apigee’s stock traded as high as $20.50, the same day Apigee Corp sold 5.1 million shares of stock in its initial public stock offering (the “IPO”), raising $87 million in new capital.
However, the plaintiff alleges that the registration statement for the April 2015 IPO was negligently prepared and, as a result, contained untrue statements of material facts or omitted to state other facts necessary to make the statements made not misleading, and was not prepared in accordance with the rules and regulations governing its preparation.
Among other things, the plaintiff claims that the registration statement identified a reporting metric that did not comply with the Generally Accepted Accounting Principles and that at the time of the IPO, the company’s business and financial prospects were not what defendants had led the market to believe they were in the registration statement.
The plaintiff says that when the market learned, following the IPO, that Apigee’s business metrics and financial prospects were not as strong as represented in the registration statement, the price of Apigee common stock plummeted. Indeed, shares of Apigee Corp (NASDAQ:APIC) declined to as low as $5.35 per share in early February 2016.
Those who purchased Apigee Corp (NASDAQ:APIC) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.