NEW YORK, Aug. 13, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Yelp, Inc., ("Yelp" or the "Company") (NYSE: YELP ) and several of its officers and directors for alleged violation of the federal securities laws during the period of October 29, 2013, through April 3, 2014 (the "Class Period").
The complaint alleges that the defendants have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants misrepresented and/or omitted the following information: (1) reviews appearing on Yelp's website were not all completely authentic, "firsthand" reviews; (2) the algorithms purportedly designed to screen for unreliable reviews did not comprehensively do so and Yelp allowed such reviews to remain prominently displayed in order to solicit fees from businesses for their removal; and (3) in light of the above, representations concerning the Company's financial condition and prospects, and the extent to which they relied upon the unethical and unsustainable business practices, did not have a reasonable basis. When the truth concerning Yelp was revealed to the market, the Company's stock price dropped and damaged investors.
If you purchased Yelp common stock during the Class Period, you may move to be appointed as lead plaintiff by October 6, 2014. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com . All e-mail correspondence should make reference to the "Yelp Inc., Investigation"
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Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. or Gregory Stone Email: , or Tel: (800) 575-0735 or (212) 545-5708
