LOS ANGELES--(BUSINESS WIRE)--
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the March 19, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Yelp, Inc. (“Yelp” or the “Company”) (NYSE: YELP) securities between February 10, 2017 and May 9, 2017, inclusive (the “Class Period”). Yelp investors have until March 19, 2018 to file a lead plaintiff motion.
To obtain information or actively participate in the class action, please visit the Yelp page on our website at www.glancylaw.com/case/yelp-inc. Investors that suffered losses on their Yelp investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to [email protected].
The complaint alleges that defendants misled Yelp investors regarding the retention rates for existing customers, as well as revenues and growth rates for the Company’s new customers. And, furthermore that Yelp CEO Jeremy Stoppelman personally benefited from withholding such information by selling over $25,000,000 worth of Yelp shares (approximately 20% of his Yelp holdings) while allegedly in possession of material nonpublic information regarding Yelp’s poor financial results.
On May 9, 2017, the Company announced their first quarter 2017 financial results. While Yelp’s 1Q 2017 revenue and adjusted EBITDA met the Company’s prior expectations, the Company was revising its FY2017 guidance downward to reflect poor retention rates with existing customers. On this news, Yelp’s stock price closed at $34.70 on May 9, 2017 and fell as low as $26.93 on May 10, 2017 before closing at $28.33, thereby injuring investors.
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If you purchased shares of Yelp, you may move the Court no later than March 19, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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