Equity Alert: Johnson & Weaver, LLP Files Class Action Complaint Against Certain Officers & Directors of Yelp, Inc.; Investor...
August 09 2014 - 1:00PM
Business Wire
Shareholder rights law firm Johnson & Weaver, LLP, who filed
the initial class action complaint alleging violations of the
federal securities laws against Yelp, Inc. (NYSE:YELP) and certain
of its officers and directors, reminds investors that they have
until October 6, 2014 to file a motion seeking to be
appointed lead plaintiff.
If you purchased Yelp common stock securities between October
29, 2013 and April 3, 2014, (the "Class Period") we encourage you
to contact our firm. The case is pending in the United States
District Court for the Northern District of California.
Additional Information about the Lawsuit:
Yelp operates as an online local guide that connects people
primarily with boutiques, mechanics, restaurants, and dentists. The
Company states that reviews of these businesses that appear on its
website are written by people using Yelp to share their everyday
local business experiences, giving voice to consumers and bringing
“word of mouth” online.
The complaint alleges that during the Class Period, defendants
made materially false and misleading statements concerning the
Company’s true business and financial condition, including but not
limited to the true nature of the so-called “firsthand” experiences
and reviews appearing on the Company’s website, the robustness of
its processes and algorithms purportedly designed to screen
unreliable reviews, and the Company’s forecasted financial growth
prospects and the extent to which they were reliant upon
undisclosed business practices, including but not limited to
requiring business customers to pay to suppress negative reviews.
Defendants’ false and misleading statements during the Class Period
caused the Yelp’s stock to trade at artificially inflated prices,
reaching a high of over $98.00 per share on March 4, 2014, and
allowed Company insiders to sell more than 1.16 million shares of
Yelp stock at prices as high as $98.99 per share for insider
trading proceeds of more than $81.5 million.
According to the complaint, as the true facts concerning the
Company’s business practices began to be revealed to the market
through a series of articles and disclosures starting on March 31,
2014, the Company’s stock price declined, falling from a close of
$80.18 per share on April 1, 2014 to a close of $65.76 per share on
April 4, 2014.
Plaintiff seeks to recover damages on behalf of all purchasers
of Yelp common stock during the Class Period. If you wish to serve
as a lead plaintiff, you must move the Court no later than October
6, 2014. If you wish to discuss this action, have any questions
concerning this notice, or your rights or interests, please contact
lead analyst Jim Baker (jimb@johnsonandweaver.com) at
619-814-4471. If you email, please include your phone
number.
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New York and Georgia.
The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For
more information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com.
Johnson & Weaver, LLPJim Baker,
619-814-4471jimb@johnsonandweaver.com
Yelp (NYSE:YELP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Yelp (NYSE:YELP)
Historical Stock Chart
From Jul 2023 to Jul 2024