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