316 0 Kommentare Kirby McInerney LLP Advises Yelp, Inc. Investors of Potential Claims

The law firm of Kirby McInerney LLP announced today that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California against Yelp, Inc. (“Yelp” or the “Company”) (NYSE:YELP) on behalf of investors that acquired Yelp securities during the period from February 10, 2017 through May 9, 2017 (the “Class Period”), seeking recovery of damages for alleged violations of the federal securities laws. Pursuant to applicable law, investors have until March 19, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

The complaint alleges that defendants misled Yelp investors regarding the retention rates for existing customers, and the revenues and growth rates for new customers. It further alleges that CEO Jeremy Stoppelman personally benefited from withholding such information by selling millions of dollars’ worth of Yelp shares while allegedly in possession of material nonpublic information regarding the Company’s poor financial results.

On May 9, 2017, Yelp reported its First Quarter 2017 financial and operational results and reduced its Fiscal 2017 business outlook. Specifically, the Company announced that it had decreased its net revenue outlook for Fiscal 2017 to between $850 to $865 million, down from $880 to $890 million, and that it had lowered its adjusted EBITDA outlook for Fiscal 2017 to between $130 to $145 million, down from $150 to $165 million.

On this news, shares of the Company's stock fell from $34.70 to close at $28.33 on May 10, 2017, on unusually heavy trading volume (a decline of $6.37).

If you purchased or otherwise acquired Yelp securities, have information or would like to learn more about these claims, please contact Thomas Elrod of Kirby McInerney at 212-371-6600, by email at telrod@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm or the claims against Yelp can be found at Kirby McInerney’s website: http://www.kmllp.com.