San Diego, CA — 03/14/2018 — A deadline is coming up on March 19, 2018 in the lawsuit filed for certain investors in NYSE:YELP shares over alleged securities laws violations by Yelp Inc.
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