PHILADELPHIA, June 7, 2011 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. filed a class action lawsuit in the United States District Court, Northern District of California, 11cv02732, on behalf of all persons who purchased or otherwise acquired the common stock of Yahoo! Inc. (Nasdaq:YHOO), between April 19, 2011 and May 13, 2011, against the Company, Carol A. Bartz and Jerry Yang for violation of the Securities Exchange Act of 1934. If you wish to serve as lead plaintiff, you must move the Court no later than August 8, 2011. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or any questions concerning this notice, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. A copy of the complaint can be viewed at www.bernardmgross.com.
Yahoo! Inc. operates as a digital media company that delivers personalized digital content and experiences, across devices and worldwide. The Complaint alleges that, throughout the Class Period, defendants failed to disclose that an important asset in China, Alipay, had been transferred at much less than market value. As a result of defendants' false statements, Yahoo's stock traded at artificially inflated prices during the Class Period, between April 19, 2011 and May 13, 2011, reaching a high of $18.65 per share on May 6, 2011. On May 10, 2011, Yahoo disclosed in its 10-Q for the first time that the Company's $1 billion investment in a strategic partnership with Alibaba Group Holdings Limited,("Alibaba") likely had been severely impaired by the misappropriation of Alibaba's most valuable asset, Alipay, an e-commerce payment system, from Alibaba to another private company controlled by Alibaba's Chairman, Jack Ma. On news of this partial disclosure, Yahoo's stock collapsed $1.30 per share. Subsequently, on Sunday, May 15, Yahoo issued a press release announcing negotiations to resolve all outstanding issues relating to Alipay. On this news, Yahoo's stock price fell an additional $0.74 to close at $15.85 on May 16, 2011 – a decline of 15% from its Class Period high of $18.65 per share.
Plaintiffs are represented by Law Offices Bernard M. Gross, P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Any questions, Please Contact:
Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esquire
Deborah R. Gross, Esquire
Telephone: 866-561-3600 (toll free)
E-mail: susang@bernardmgross.com or
Website: http://www.bernardmgross.com