Brower Piven, A Professional Corporation announces that a class action
lawsuit has been commenced in the United States District Court for the
Southern District of Indiana on behalf of purchasers of Angie’s List,
Inc. (“Angie’s List” or the “Company”) (NasdaqGM:ANGI) common stock
during the period between February 14, 2013 and October 23, 2013,
inclusive (the “Class Period”).
If you have suffered a net loss from investment in Angie’s List, Inc.
common stock purchased on or after February 14, 2013, and held through
any of the revelations of negative information on September 30, 2013,
October 2, 2013, and/or October 23, 2013, as described below, at no cost
to you, you may obtain additional information about this lawsuit and
your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com,
by email at hoffman@browerpiven.com,
by calling 410/415-6616, or at Brower Piven, A Professional Corporation,
1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower
Piven have combined experience litigating securities and class action
cases of over 60 years.
No class has yet been certified in the above action. Members of the
Class will be represented by the lead plaintiff and counsel chosen by
the lead plaintiff. If you wish to choose counsel to represent you and
the Class, you must apply to be appointed lead plaintiff no later than
February 21, 2014 and be selected by the Court. The lead plaintiff will
direct the litigation and participate in important decisions including
whether to accept a settlement and how much of a settlement to accept
for the Class in the action. The lead plaintiff will be selected from
among applicants claiming the largest loss from investment in the
Company during the Class Period.
The complaint accuses the defendants of violations of the Securities
Exchange Act of 1934 by virtue of the defendants’ failure to disclose
during the Class Period that the Company had increased its reliance on
providing free memberships in order to artificially boost its subscriber
figures, that 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 that because Angie’s List did not vet the service
providers listed and recommended on its website, many consumers were
questioning the value of its recommendations. According to the
complaint, following the Company’s September 30, 2013 disclosure that
Thapar Manu, the Company’s Chief Technology Officer, had been fired
without explanation and without naming a replacement, an October 2, 2013
report in the Wall Street Journal that disclosed that the Company
had slashed membership prices in a bid to attract new members, and the
Company’s October 23, 2013 disclosure that third quarter 2013 financial
results were much weaker than anticipated, the value of Angie’s List
shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other counsel of
your choice. You need take no action at this time to be a member of the
class.
Copyright Business Wire 2014