Lawfuel – The Law Newswire – HARTFORD, Conn., May 14, 2007 — The law firm of Schatz Nobel Izard, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of all persons who purchased or otherwise acquired the publicly traded securities of Yahoo! (“Yahoo!” or the “Company”) (Nasdaq:YHOO) between April 8, 2004 and July 18, 2006, inclusive, (the “Class Period”).
The Complaint alleges that Yahoo! and certain of its officers and
directors violated Federal Securities laws. Specifically, defendants’
statements concerning Yahoo!’s financial results and sales and earnings
growth potential were false and misleading as: (i) Yahoo! generated
fraudulent revenue by misleading Internet advertising business
customers to induce these customers to buy Yahoo! advertising products
through deceptive means; (ii) Yahoo! made false representations
regarding its advertising technology and products; (iii) Yahoo!’s
misleading representations were material in that they related to the
essential characteristics, quality, and/or nature of competing products
and commercial activities, including relevance and potential
click-throughs; (iv) Yahoo!’s advertising technology was operationally
defective, causing its own advertising offerings to substantially
under-perform those of its rivals; (v) whereas Yahoo!’s rivals were
paying high-traffic vendors to route traffic through their Web sites,
Yahoo! was charging large vendors for access and was dependent on that
revenue to make its revenue targets; and (vi) Yahoo! was losing market
share to Google and other Internet search providers.
On July 19, 2006, Yahoo! announced second quarter 2006 financial
results that were lower than investors had been led to expect and
analysts downgraded Yahoo!’s stock. On this news, the stock price fell
22%.
If you are a member of the class, you may, no later than July 10, 2007,
request that the Court appoint you as lead plaintiff of the class. A
lead plaintiff is a class member that acts on behalf of other class
members in directing the litigation. Although your ability to share in
any recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class members,
including decisions concerning settlement. The securities laws require
the Court to consider the class member(s) with the largest financial
interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard, P.C. has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class action
or for more information about the case, class action cases in general,
and your rights, please contact Schatz Nobel Izard, P.C. toll-free at
(800) 797-5499, or by e-mail at firm@snlaw.net, or visit our website:
www.snilaw.com.
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CONTACT: Schatz Nobel Izard, P.C.
Wayne T. Boulton
Nancy A. Kulesa
(800) 797-5499
firm@snlaw.net
www.snilaw.com
