NEW YORK, Dec. 24, 2013 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed in the United States District Court for the Southern District of Indiana on behalf of those who purchased shares of Angie's List, Inc. ("Angie's List") (NasdaqGM: ANGI ), during the period between February 14, 2013 and October 23, 2013, inclusive (the "Class Period").
The complaint charges Angie's List and certain of its executives with violations of federal securities laws. The complaint alleges that during the class period Angie's List and certain of its executives issued a series of materially false and misleading statements and failed to disclose and misrepresented the following adverse facts: (i) had increased its reliance on providing free memberships in order to artificially boost its subscriber figures; (ii) that contrary to Angie's List's repeated Class Period statements that the online reviews were unbiased because Angie's List did not permit service providers to buy ratings on its website ("You can't pay to be on Angie's List"), the Company was consistently deriving more than half of its revenues from the service provider side of its business – where it relied heavily on collecting fees for listing paid service providers more prominently; and (iii) did not vet the service providers listed and recommended on its website, causing consumers to question the value of its recommendations.
Plaintiff seeks to recover damages on behalf of all Angie's List shareholders who purchased common stock during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. February 21, 2014 is the deadline for investors to seek a lead plaintiff appointment. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
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