Case Page

 

Case Status:    DISMISSED    
On or around 12/09/2015 (Other)

Filing Date: August 06, 2014

According to the law firm press release, Yelp operates as an online local guide that connects people primarily with boutiques, mechanics, restaurants, and dentists. The company's local advertising services include a free online business account that enables businesses to view business trends, use the revenue estimator tool, message customers, update information, and offer Yelp deals and gift certificates.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements concerning the Company's true business and financial condition, including but not limited to the true nature of the so-called "firsthand" experiences and reviews appearing on the Company's website, the robustness of its processes and algorithms purportedly designed to screen unreliable reviews, and the Company's forecasted financial growth prospects and the extent to which they were reliant upon undisclosed business practices, including but not limited to requiring business customers to pay to suppress negative reviews.

The misrepresentations made by Defendants concerning the Company's current financial and business condition, including its forecasted financial and business condition alleged herein, were each materially false and misleading when made and caused the Company's stock to trade at artificially inflated prices of over $98.00 per share on March 4, 2014.

According to the complaint, as the true facts concerning the Company's business practices began to be revealed to the market through a series of articles and disclosures starting on March 31, 2014, the Company's stock price declined, falling from a close of $80.18 per share on April 1, 2014 to a close of $65.76 per share on April 4, 2014.

On April 21, 2015, the Court dismissed the Consolidated Complaint. Plaintiffs were given leave to replead.

On November 24, 2015, the Court issued an Order dismissing Plaintiffs' amended complaint. This dismissal was with prejudice.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: YELP
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 14-CV-03547
JUDGE: Hon. Jon S. Tigar
DATE FILED: 08/06/2014
CLASS PERIOD START: 10/29/2013
CLASS PERIOD END: 04/03/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
  2. Robbins Geller Rudman & Dowd LLP (New SF Office)
    One Montgomery Street, Suite 1800, Robbins Geller Rudman & Dowd LLP (New SF Office), CA 94104
    (415) 288-4545 (415) 288-4534 ·
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 14-CV-03547
JUDGE: Hon. Jon S. Tigar
DATE FILED: 05/21/2015
CLASS PERIOD START: 10/29/2013
CLASS PERIOD END: 04/03/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cypen & Cypen
    777 Arthur Godfrey Road, Suite 320, Cypen & Cypen, FL 33140
    305/532-3200 305/535-0050 ·
  2. Robbins Geller Rudman & Dowd LLP (San Francisco)
    100 Pine Street, Suite 2600, Robbins Geller Rudman & Dowd LLP (San Francisco), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date
No Document Title Filing Date