Angie’s List receives securities class action claim

A law firm recently filed litigation against a consumer help organization on behalf of its shareholders due to potential violations of securities law.

The Law Offices of Bernard M. Gross, P.C., noted that it filed the securities class action lawsuit against Angie's List Global Holdings, Inc., in the U.S. District Court for the Southern District of Indiana. This suit will represent those who purchased stock during the class period between Feb. 14, 2013, and Oct. 23, 2013.

Angie's List allegedly made false statements related to its business performance and future prospects. This had its stock price rise without good reason, exposing purchasers of stock to fraud.

Specifically, the company was at the center of a report released on on Oct. 24, 2013. This report noted that the company was earning cash and spending it quickly, which put it in a position where it may be insolvent in the near future. When this information was released, the company saw its stock decline to approximately $14.64 per share.

Any shareholders who purchased stock during the class period have an ability to be lead plaintiff, if they so choose. However, the process needs to be completed with the court by Feb. 21, 2014. It is not required to be a lead plaintiff in order to participate in the lawsuit and potentially collect money.

It is also possible to speak with the firm in order to learn more about this case, as well as raise any necessary questions. Those who are curious about the issue at hand can speak with Susan Gross or Deborah Gross. Both can be reached by phone or email.

Second lawsuit filed
Another law office took action related to the aforementioned allegations, and filed a lawsuit in the same court.

Bernstein Liebhard, LLP, noted it filed the class action claim in the district court for the previously noted class period. This was due to potential violations of the Securities Exchange Act of 1934.

The law firm welcomed shareholders to consider the lead plaintiff position, though it was not necessary that a specific person who owned stock did this. Both this law office and others are available to act as counsel during the process.

Any shareholders who are interested in learning more about how the case may affect them should speak with Joseph Seidman, Jr. He can be reached by phone or email.