Kirby McInerney LLP Advises Yelp, Inc. Investors of Potential Claims
January 23 2018 - 5:45PM
Business Wire
The law firm of Kirby McInerney LLP announced today that a class
action lawsuit has been filed in the U.S. District Court for the
Northern District of California against Yelp, Inc. (“Yelp” or the
“Company”) (NYSE:YELP) on behalf of investors that acquired Yelp
securities during the period from February 10, 2017 through May 9,
2017 (the “Class Period”), seeking recovery of damages for alleged
violations of the federal securities laws. Pursuant to applicable
law, investors have until March 19, 2018 to apply to the Court to
be appointed as lead plaintiff in the lawsuit.
The complaint alleges that defendants misled Yelp investors
regarding the retention rates for existing customers, and the
revenues and growth rates for new customers. It further alleges
that CEO Jeremy Stoppelman personally benefited from withholding
such information by selling millions of dollars’ worth of Yelp
shares while allegedly in possession of material nonpublic
information regarding the Company’s poor financial results.
On May 9, 2017, Yelp reported its First Quarter 2017 financial
and operational results and reduced its Fiscal 2017 business
outlook. Specifically, the Company announced that it had decreased
its net revenue outlook for Fiscal 2017 to between $850 to $865
million, down from $880 to $890 million, and that it had lowered
its adjusted EBITDA outlook for Fiscal 2017 to between $130 to $145
million, down from $150 to $165 million.
On this news, shares of the Company's stock fell from $34.70 to
close at $28.33 on May 10, 2017, on unusually heavy trading volume
(a decline of $6.37).
If you purchased or otherwise acquired Yelp securities, have
information or would like to learn more about these claims, please
contact Thomas Elrod of Kirby McInerney at 212-371-6600, by email
at telrod@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, whistleblower and consumer
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm or the claims
against Yelp can be found at Kirby McInerney’s website:
http://www.kmllp.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20180123006587/en/
Kirby McInerneyThomas Elrod, Esq.,
212-371-6600https://www.kmllp.comtelrod@kmllp.com
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