A lawsuit was filed on behalf of investors in Yelp Inc (NYSE:YELP) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 01/30/2018 -- An investor, who purchased shares of Yelp Inc (NYSE:YELP), filed a lawsuit over alleged Securities Laws violations by Yelp Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Yelp Inc (NYSE:YELP) have certain options and for certain investors are short and strict deadlines running. Deadline: March 19, 2018. NYSE:YELP investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On May 9, 2017, Yelp Inc 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.
The plaintiff claims that between February 10, 2017 and May 9, 2017, the 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. Shares of Yelp Inc (NYSE:YELP) declined from $35.70 per share on May 8, 2017 to as low as $27.38 per share on May 17, 2017.
Those who purchased shares of Yelp Inc (NYSE:YELP) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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