| Company: | Angie's List Global Holdings, Inc, |
| Ticker Symbol: | ANGI |
| Class Period: | Feb-14-13 to Oct-23-13 |
| Date Filed: | Dec-30-13 |
| Lead Plaintiff Deadline: | Feb-28-14 |
| Court: | Southern District of Indiana |
| Allegations: | |
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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
