BERKELEY, Calif.--(BUSINESS WIRE)--Hagens Berman, an investor-rights class-action law firm, today reminded investors of the August 8, 2011, deadline to move to be Lead Plaintiff in the class action involving Yahoo’s (NASDAQ:YHOO) failure to disclose the transfer of Alipay when it learned the news by at least March 31, 2011.
Investors who traded in Yahoo’s securities between the dates of April 19, 2011, and March 13, 2011 (the “class period), are encouraged to contact the Hagens Berman legal team via email at Yahoo@hbsslaw.com. Partner Reed R. Kathrein is leading the firm’s investigation from its San Francisco office and can be reached by phone at 510-725-3000. Additional information is also available at www.hbsslaw.com/yahoo.
The firm is continuing to investigate Yahoo after the company failed, by April 19, 2011, to inform investors that Alibaba, a company in which Yahoo had purchased a 43 percent share in 2005, had shifted its e-commerce system, Alipay, to another private company without Yahoo’s authorization.
The lawsuit, filed in the United States District Court for the Northern District of California, alleges that Yahoo failed to inform investors of the transfer, thereby inflating the stock price of Yahoo stock in violation of the securities laws. Yahoo reportedly admitted that it was informed by March 31, 2011, of the transfer of Alipay. Yet, the company did not mention the transfer in its April 19, 2011, quarterly earnings announcement and did not inform its investors of the change until on or about May 13, 2011.
Yahoo stock traded for as much as $18.64 during the class period, and has since traded as low as $14.42.
Hagens Berman is investigating exactly what Yahoo’s management knew on March 31, 2011, and why it failed to disclose the transfer when it made positive statements about its business. Persons with knowledge of the surrounding facts are encouraged to contact Hagens Berman partner Reed R. Kathrein.
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Hagens Berman is a nationally recognized investor-rights law firm that provides highly acclaimed fraud recovery and asset protection services to individual and institutional investors. For an in-depth discussion of securities fraud, corporate governance and investor rights, please visit our Investor Fraud website or our Meaningful Disclosure blog.
About Hagens Berman
Seattle-based Hagens Berman Sobol Shapiro LLP is one of the top class-action law firms in the nation, with offices in Boston, Chicago, Colorado Springs, Los Angeles, Minneapolis, New York, Phoenix, San Francisco and Washington, D.C. Founded in 1993, we represent plaintiffs in class actions and multi-state, large-scale litigation that seek to protect the rights of investors, consumers, workers and whistleblowers. More information about the firm is available at www.hbsslaw.com.