A Deadline is coming up on October 6, 2014 in the lawsuit for investors in Yelp Inc (NYSE:YELP) and NYSE:YELP stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 09/09/2014 -- A deadline is coming up on October 6, 2014 in the lawsuit filed for investors of Yelp Inc (NYSE:YELP) over alleged securities laws violations by Yelp.
Investors who purchased shares of Yelp Inc (NYSE:YELP) have certain options and there are strict and short deadlines running. Deadline: October 6, 2014. NYSE:YELP stockholders should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges on behalf of purchasers of Yelp Inc (NYSE:YELP) common shares between October 29, 2013 and April 3, 2014, that the defendants violated Federal Securities Laws. More specifically, 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 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, 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 (NYSE:YELP) declined from $81.24 per share on April 2, 2014, to $64.92 per share on April 4, 2014 and declined to as low as $52.13 per share on May 6, 2014.
On September 5, 2014, NYSE: YELP shares closed at $83.28 per share.
Those who purchased shares of Yelp Inc (NYSE:YELP) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego