On or around 04/21/2022 (Date of last review)
Filing Date: January 18, 2018
According to the Complaint, Yelp, Inc. 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.
Defendants filed a Motion for Summary Judgment on May 21, 2021. On September 9, the Court issued an Order denying Defendants' Motion for Summary Judgment.
The parties entered into a Stipulation and Agreement of Settlement on April 14, 2022.
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