NEW YORK, Dec. 26, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Indiana on behalf of all persons who purchased securities of Angie's List, Inc. ("Angie's List" or the "Company") (Nasdaq:ANGI) between February 14, 2013 and October 23, 2013, inclusive (the "Class Period").
The Complaint alleges that during the Class Period Angie's List and certain of its executives issued a series of materially false and misleading statements and failed to disclose and misrepresented the following adverse facts: (i) had increased its reliance on providing free memberships in order to artificially boost its subscriber figures; (ii) that 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 ("You can't pay to be on Angie's List"), 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 (iii) did not vet the service providers listed and recommended on its website, causing consumers to question the value of its recommendations.
If you wish to serve as lead plaintiff, you must move the Court no later than February 21, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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Source: Gainey McKenna & Egleston