Yelp Can't Escape Investor Suit Over Local Biz Retention
By Joyce Hanson (September 20, 2021, 3:41 PM EDT) -- A California federal judge has denied Yelp's bid to toss a proposed class action claiming the crowdsourced online review website misled investors about its advertising program with local businesses, saying there's ample evidence the site made false or misleading statements about expected revenues.
U.S. District Judge Edward M. Chen said in his order published Friday that Yelp Inc. and three top executives didn't win their motion for summary judgment because the investors convincingly argued the company knew that a significant number of local advertisers were canceling their contracts even though it publicly touted a strong local advertiser retention rate and optimistic...
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