NEW YORK, Aug. 11, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that a class action lawsuit has been filed on behalf of purchasers of Yelp, Inc. common stock (NYSE: YELP ) between October 29, 2013 through April 3, 2014, seeking to recover damages for violations of the federal securities laws.
To join the YELP class action, visit the firm's website http://www.rosenlegal.com/cases-331.html or call Phillip Kim, Esq. toll-free, at 866-767-3653; you may also email at pkim@rosenlegal.com or pkim@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges that defendants misrepresented the true nature of what they referred to as "firsthand" experiences and reviews on the YELP's website, the robustness of its processes and algorithms designed to prevent unreliable reviews, and YELP's forecasted financial growth prospects. The complaint also alleges that defendants concealed that YELP was reliant upon questionable business practices, including requiring business customers to pay to suppress negative reviews.
The lawsuit further alleges that defendants' misleading statements caused YELP's stock to trade at inflated prices, exceeding $98.00 per share, and allowed insiders to sell more than 1.16 million shares of YELP stock proceeds of over $81.5 million.
When the truth about YELP's business practices was slowly revealed through a series of articles and disclosures beginning March 31, 2014, the Company's stock price dropped, to as low as $65.76 per share on April 4, 2014.
If you wish to serve as lead plaintiff, you must move the Court no later than October 6, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com . You may also visit the firm's website at http://www.rosenlegal.com/cases-331.html .
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Laurence M. Rosen, Esq. Phillip Kim, Esq. Kevin Chan, Esq. The Rosen Law Firm P.A. 275 Madison Avenue 34th Floor New York, New York 10016 Tel: (212) 686-1060 Toll Free: 1-866-767-3653 Fax: (212) 202-3827 www.rosenlegal.com
