NEW YORK, Jan. 7, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action has been filed in the United States District Court, Southern District of Indiana, on behalf of all purchasers of the securities of Angie's List, Inc. ("Angie's List" or the "Company") (Nasdaq:ANGI) between February 14, 2013 and October 23, 2013 (the "Class Period").
If you purchased Angie's List stock during the Class Period, you may, no later than February 21, 2014 request that the Court appoint you lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Angie's List had increased its reliance on providing free memberships in order to artificially boost its subscriber figures; and (ii) 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, 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. Angie's List stock declined over 30% from $20.99 on October 2, 2013 to close at $14.64 on October 24, 2013.
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