NEW YORK, Jan. 14, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Indiana on behalf of investors who purchased Angie's List, Inc. ("Angie's List" or the "Company") (Nasdaq:ANGI) common stock between February 14, 2013 and November 23, 2013.
For more information, click here: http://zlk.9nl.com/angies-list-angi.
The complaint alleges that, among other allegations, the Company failed to disclose the following adverse facts: a) Angie's List had increased its reliance on providing free memberships in order to artificially boost its subscriber figures; b) contrary to statements touting the fact that Angie's List purportedly did not permit service providers to buy ratings on its website, Angie's List derived more than half its revenues from the service provider side of its business, which relied upon the collection of fees for listing paid service providers; c) because Angie's List sometimes charged providers for "hot leads," costs were being passed to subscribers, thus increasing the prices consumers were paying; and d) because Angie's List did not vet the service providers listed, subscribers called into question the value of the recommendations and became unwilling to continue paying substantial membership fees.
If you suffered a loss in Angie's List you have until February 21, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/angies-list-angi.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.