STEVENSON, Md.--(BUSINESS WIRE)--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 firstname.lastname@example.org, 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.