On or around 10/22/2019 (Date of last review)
Filing Date: January 18, 2018
According to the Complaint, Yelp is an online review company that seeks to provide a platform for businesses and consumers to interact regarding goods and services. Yelp provides business with both free and paid services and derives most of its revenue though the sale of advertising products.
According to the law firm press release, 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's CEO 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 April 27, 2018, the Court issued an Order appointing Interim Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 25. Defendants filed a Motion to Dismiss the amended Complaint on August 2. On November 27, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.
Plaintiff filed a motion for Class Certification on August 14, 2019. On October 22, the Court issued an Order granting Class Certification.
Company & Securities Information
Defendant: Yelp, Inc.
Industry: Personal Services
Headquarters: United States
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.