Science & Technology
Science and Technology
Science and Technology 
Thu, June 23, 2011
Wed, June 22, 2011
Hagens Berman Continues Investigation of Yahoo, Reminds Investors of April 19, 2011 a" May 13, 2011 Class Period and Deadline
BERKELEY, Calif.--([ BUSINESS WIRE ])--Hagens Berman today informed investors it is advancing its investigation of Yahoo (NASDAQ:YHOO) after a lawsuit was filed alleging that the company made false and misleading statements to investors.
"Yahoo is legally required to inform its investors about events that impact the financial stability of the company."
Investors who purchased Yahoo common stock between April 19, 2011, and May 13, 2011, (the aclass perioda) and who seek lead plaintiff status must file a motion before August 8, 2011.
The lawsuit, filed in the United States District Court for the Northern District of California, is based upon Yahooa™s admission that it was informed by March 31, 2011, that Alibaba, a company in which Yahoo had purchased a 43 percent share in 2005, had shifted its e-commerce system, Alipay, to another private company without Yahooa™s authorization. Yet, Yahoo did not mention the transfer in its April 19, 2011, quarterly earnings announcement.Yahoo did not inform its investors of the change until on or about May 13, 2011.
aAs our investigation continues, we hope to uncover what Yahoo executives knew about the Alipay transfer and when they knew it,a said Reed R. Kathrein, partner at Hagens Berman. aYahoo is legally required to inform its investors about events that impact the financial stability of the company.a
As a result of the alleged misleading statements to investors, Yahooa™s common stock price may have been artificially inflated. Investors who purchased stock between April 19, 2011, and May 13, 2011, are encouraged to contact the Hagens Berman legal team via email at [ Yahoo@hbsslaw.com ].
Mr. Kathrein is leading the firma™s investigation from its San Francisco office and can be reached by phone at 510-725-3000. Additional information is also available at [ www.hbsslaw.com/yahoo ].
About Investor Fraud Practice
Hagens Berman is a nationally recognized investor-rights law firm that provides highly acclaimed fraud recovery and asset protection services to individual and institutional investors. For an in-depth discussion of securities fraud, corporate governance and investor rights, please visit our [ Investor Fraud website ] or our [ Meaningful Disclosure ] blog.
About Hagens Berman
Seattle-based Hagens Berman Sobol Shapiro LLP is one of the top class-action law firms in the nation, with offices in Boston, Chicago, Colorado Springs, Los Angeles, Minneapolis, New York, Phoenix, San Francisco and Washington, D.C. Founded in 1993, we represent plaintiffs in class actions and multi-state, large-scale litigation that seek to protect the rights of investors, consumers, workers and whistleblowers. More information about the firm is available at [ www.hbsslaw.com ].