SAN DIEGO, Aug. 27, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of Yelp Inc (YELP) common stock over alleged violations of Federal Securities Laws by Yelp Inc.
If you purchased a significant amount of shares of Yelp Inc (YELP) between October 29, 2013 and April 3, 2014, and / or if you purchased any YELP shares prior to October 2013 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: October 6, 2014. YELP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that between October 29, 2013 and April 3, 2014 defendants made allegedly materially false and misleading statements concerning Yelp Inc's true business and financial condition, including but not limited to the true nature of the so-called "firsthand" experiences and reviews appearing on Yelp Inc'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.
The plaintiff alleges that Defendants' statements between October 29, 2013 and April 3, 2014 caused Yelp Inc's stock to trade at artificially inflated prices, reaching a high of over $98.00 per share on March 4, 2014, and allowed certain 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.
On April 2, 2014 an article stated that according to a spokesperson for Yelp Inc the company receives roughly six subpoenas monthly, some of which seek the names of anonymous users. On the same day the Federal Trade Commission ("FTC") disclosed on its website that it received 2,046 complaints about Yelp Inc from 2008 through March 4 of this year, noting that its disclosure was part of a Freedom of Information Act request. Shares of Yelp Inc (YELP) fell from $81.24 per share on April 2, 2014, to $64.92 per share on April 4, 2014 and declined to as low as $51.80 per share on May 6, 2014.
Those who purchased shares of Yelp Inc 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.