LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California (Docket Number 3:18-cv-00400) on behalf of persons and entities that acquired Yelp, Inc. (“Yelp” or the “Company”) (NYSE: YELP) securities between February 10, 2017 and May 9, 2017, inclusive (the “Class Period”), asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.
Investors suffering losses on their Yelp investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights at 310-201-9150 or by email to shareholders@glancylaw.com, or visit the Yelp case page on our website at www.glancylaw.com/case/yelp-inc.
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 Yelp securities during the Class Period you may move the Court no later than 60 days from the date of this notice 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 shareholders@glancylaw.com, 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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