The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Yelp Inc (NYSE:YELP) shares is ongoing concerning potential breaches of fiduciary duties by certain officers and directors at Yelp.
Investors who purchased shares of Yelp Inc (NYSE:YELP) in 2013 or earlier and currently hold any YELP shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Yelp Inc (NYSE:YELP officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On February 5, 2014, Yelp Inc announced its fourth quarter and full year 2013 financial results. Yelp Inc reported that its annual Total Revenue rose from $137.57 million in 2012 to $232.99 million in 2013 and that its respective Net Loss declined from $19.11 million in 2012 to $10.07 million in 2013. Shares of Yelp Inc (NYSE:YELP) grew from $17.72 per share in late 2012 to as high as $98.04 per share in March 2014.
On April 2, 2014, an article stated that according to a spokesperson for Yelp Inc the company receives roughly six subpoenas monthly, some of which seek the names of anonymous users. On the same day the Federal Trade Commission (“FTC”) disclosed on its website that it received 2,046 complaints about Yelp Inc from 2008 through March 4 of this year, noting that its disclosure was part of a Freedom of Information Act request. Shares of Yelp Inc (NYSE:YELP) declined from $81.24 per share on April 2, 2014, to $64.92 per share on April 4, 2014 and declined to as low as $52.13 per share on May 6, 2014.
In August 2014 a lawsuit was filed against Yelp Inc over alleged securities laws violations. the plaintiff claims that between October 29, 2013 and April 3, 2014 defendants made allegedly materially false and misleading statements concerning Yelp Inc’s true business and financial condition, including but not limited to the true nature of the so-called “firsthand” experiences and reviews appearing on Yelp Inc’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 plaintiff alleges that Defendants’ statements between October 29, 2013 and April 3, 2014 caused Yelp Inc’s stock to trade at artificially inflated prices, reaching a high of over $98.00 per share on March 4, 2014, and allowed Company insiders to sell more than 1.16 million shares of Yelp stock at prices as high as $98.99 per share for insider trading proceeds of more than $81.5 million.
On February 5, 2015, Yelp Inc announced its fourth quarter and full year 2014 financial results. Yelp Inc reported that its annual Total Revenue rose from $232.99 million in 2013 to $377.54 million in 2014 and that its respective Net Loss of $10.07 million in 2013 turned into a Net Income of $36.47 million in 2014.
Shares of Yelp Inc (NYSE:YELP) declined to as low as $42.17 per share on February 9, 2015.
On March 30, 2015, NYSE:YELP shares closed at $47.39 per share, which is less than its 52 week high of $86.88 per share.
Those who purchased shares of Yelp Inc (NYSE:YELP), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com