SOURCE: Faruqi & Faruqi, LLP
NEW YORK, NY--(Marketwired - August 11, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Yelp, Inc. ("Yelp" or the "Company") (NYSE: YELP) of the October 6, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Yelp and certain executives.
A complaint has been filed in the Northern District of California on behalf of all persons who purchased or otherwise acquired Yelp common stock between October 29, 2013 and April 3, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, the defendants made false and misleading statements concerning the following issues: (i) reviews appearing on Yelp's website were not all authentic, rather they included fraudulent reviews by individuals who lacked first-hand experience with the reviewed business; and (ii) the Company attempted to sell services designed to suppress negative reviews, while permitting unreliable reviews to remain prominent due to algorithms that did not comprehensively screen such unreliable reviews.
The complaint further alleges that as the true facts regarding the Company's business practices were revealed to the market through several articles and disclosures starting on March 31, 2014, the Company's stock price dropped, decreasing from a close of $80.18 per share on April 1, 2014 to a close of $65.76 per share on April 4, 2014, a decline of $14.42, or over 17%.
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If you invested in Yelp stock or options between October 29, 2013 and April 3, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/YELP. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Yelp's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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