BOSTON, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that a class action has been filed against Yelp, Inc. (“Yelp” or the “Company”) (NYSE:YELP) and certain of its officers alleging violations of the federal securities laws.
The complaint, filed in the United States District Court for the Northern District of California (Azar v. Yelp, Inc. et al, 3:18-cv-00400), alleges that from February 10, 2017 through May 9, 2017, inclusive (the “Class Period”), the defendants misled Yelp investors regarding the retention rates for existing customers, as well as revenues and growth rates for the Company's new customers. The complaint also alleges that Yelp CEO Jeremy Stoppelman personally benefited from withholding such information by selling more than 20% of his shares of Yelp for more than $25,000,000 while allegedly in possession of material nonpublic information regarding Yelp's financial results.
Yelp announced its first quarter 2017 financial results on May 9, 2017, in which it revised its full year 2017 guidance downward to reflect poor retention rates with its customers. On this news, Yelp’s stock price fell more than 18%, causing millions in losses to investors.
If you purchased Yelp shares during the Class Period and wish to serve as a lead plaintiff, you must move the Court no later than March 19, 2018. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you wish to become involved in the litigation or have questions about your legal rights, you are encouraged to contact attorney Bradley Vettraino at (617) 398-5600, by email at bradley@blockesq.com, or by visiting www.blockesq.com/yelp.
Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
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CONTACT:
Block & Leviton LLP
Bradley J. Vettraino
155 Federal Street, Suite 400
Boston, MA 02110
(617) 398-5600
bradley@blockesq.com