Renowned law firm Lieff Cabraser Heimann & Bernstein, LLP recently announced a class action suit on behalf of victims who bought or acquired the Yelp Inc. stock.
Victims who acquired the common Yelp stock during the Class Period may seek the aid of Lieff Cabraser or its other lawyers as counsel in the action.
The action charges Yelp and some of its senior officer for violating the Securities Exchange Act of 1934. Yelp generally described itself an internet networking medium that unite individuals with local businesses.
The suit claims the defendants to have crafted false statement regarding the company’s actual financial and business situation, and the company’ s forecasted fiscal growth prospects including the extent in which they were relying on undisclosed business methods.
As a result of the misleading statements, Yelp’s stock traded at inflated pricing. On March 4, 2014, the closing price was at $98.04 per share, as the company sold 1.16 million Yelp share stock at more than $81.5 million.