Press release from Business Wire
Yelp Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
Monday, August 11, 2014
Yelp Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors14:30 EDT Monday, August 11, 2014
DALLAS (Business Wire) -- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a class action lawsuit has been filed against Yelp, Inc. (“Yelp” or “Company”) (NYSE: YELP) and several officers and directors for acts taken during the period of October 29, 2013 to April 3, 2014 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the Officers and Board of Directors of Yelp. If you are an affected Yelp shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, or via email at firstname.lastname@example.org. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants misrepresented and/or failed to disclose that: a) Reviews on Yelp's website were not all authentic “firsthand” reviews; b) Algorithms purportedly designed to screen unreliable reviews did not comprehensively do so and the Company allowed such unreliable reviews to remain prominent while the Company tried to sell services designed to suppress negative reviews or make them go away; and c) In light of the above, the representations concerning the Company's current and future financial condition and prospects, and the extent to which they were reliant upon undisclosed business practices, did not have a reasonable basis. According to the complaint, when the truth regarding Yelp's business practices came to light, the Company's stock price dropped.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-239-4568
Powers Taylor LLP
Patrick Powers, 877-728-9607