PHILADELPHIA, Dec. 30, 2013 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Indiana, 13-cv-2032, on behalf of those who purchased the common stock of Angie's List Global Holdings, Inc. (Nasdaq:ANGI) (Angie's List), during the period between February 14, 2013 and October 23, 2013, inclusive (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court by February 21, 2014. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at email@example.com or firstname.lastname@example.org. The firm has expertise in prosecuting class actions alleging violations of the federal securities laws. Any person who purchased the common stock of Angie's List during the Class Period may move the Court to serve as lead plaintiff through counsel of his choice, or may choose to do nothing and remain an absent class member.
Angie's List operates a website that helps consumers find local service providers in local communities across the U.S. using a subscription-based business model that provides reviews of local service providers purportedly authored by other locals. The complaint charges Angie's List and certain of its executives with violations of federal securities laws. Specifically alleged is that defendants are liable for: making false statements and failing to disclose adverse facts known to them about Angie's List regarding Angie's List's prospects and business; which artificially inflated the price of Angie's List common stock; and enabled certain of the Individual Defendants to sell more than $14 million of their personally-held Angie's List common stock to the unsuspecting public at fraud-inflated prices.
On October 24, 2013, stock blogger Seeking Alpha.com published a report entitled "Angie's List – a Deferred Revenue Train Wreck," which disclosed, in pertinent part, that Angie's List had been receiving cash, booking it as "deferred revenue," then rapidly spending it to the extent that unless the Company suddenly became profitable, it would be unable to fulfill its commitments and faced insolvency. On this news, the price of the Company's stock dropped to close at $14.64, on unusually high trading volume of almost 7 million shares trading.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
|PLEASE CONTACT:||Law Offices Bernard M. Gross, P.C.|
|Susan R. Gross, Esq.|
|Deborah R. Gross, Esq.|
|Telephone: 866-561-3600 (toll free) or 215-561-3600|
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Source:Law Offices Bernard M. Gross, P.C.