Investors didn't have to wait long for the next big tech IPO after Snap Inc. (NYSE: SNAP). Yext, a digital knowledge company founded in 2006, just updated its SEC form with new important details that suggest the Yext IPO date could be set as early as April.
And before Wall Street hypes up Yext stock like it did with Snapchat, we want to make sure you're prepared. So I've compiled the four most important facts to know about the Yext IPO
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No one should be giving this ethically shallow organization any revenue — as a customer or shareholder. Search for TROPICAL SAILS CORP. v. YEXT, INC., Dist. Court, SD New York 2015. You'll find that that Yext lost a lawsuit that alleged four grievances — two of which were dismissed but two were upheld, specifically the two related to fraud. Read this quote from the ruling:
"Viewed as a whole, therefore, the complaint alleges that Plaintiff actually purchased a specific subscription to PowerListings based on particular misrepresentations made to it by Yext, which is sufficient to state a claim for fraud at this stage of the proceedings. Compare Duafala v. Globecomm Sys. Inc., No. 13 Civ. 4944, 2015 WL 502233, at *7 (E.D.N.Y. Feb. 5, 2015) (finding that a fraud claim was sufficiently pleaded where the complaint identified specific misrepresentations made by the defendant to shareholders of a company and alleged that the shareholders relied on those misrepresentations in accepting the defendant's offer to purchase their shares); with Int'l Fund Mgmt. S.A. v. Citigroup Inc., 822 F. Supp. 2d 368, 386 (S.D.N.Y. 2011) (addressing securities fraud claims and noting that the complaint "lack[ed] supporting factual matter indicating how plaintiffs relied on the alleged misrepresentations"). Accordingly, Defendant's request to dismiss Plaintiff's fraudbased claims is denied."
The way this website is laid out is far from acceptable. You have to get all the way to the "checkout" area and then in tiny, small letters it says "claim your basic yahoo listing." Then it makes you check out for $0.00? Are you kidding me? Good luck on your IPO. It's a fast track downhill when you don't allow people to correct their listing on Yahoo without thinking they have to pay up until the last second.