Jonathan Davis, et al. v. YELP, INC, et al.
Yelp, Inc. Securities Litigation

Welcome to the Yelp, Inc. Securities Litigation Website

ATTENTION ALL CLASS MEMBERS: Please be advised that on January 11, 2023, the Court ordered that the Settlement Hearing scheduled for January 19, 2023 at 1:30 p.m., Pacific Time (PT), will now be held via Zoom videoconference only. ECF No. 207. There are no other changes to the Settlement Hearing. While not required to do so, if you would like to attend the Settlement Hearing via videoconference, you can find the access information at (including a link to join the public hearing, the Webinar ID, and the Password). Information related to Zoom Guidance and Setup may be found here: Please note that persons granted access to court proceedings held by telephone or videoconference are absolutely prohibited from photographing, recording, and rebroadcasting the court proceedings, including screenshots or other visual copying of a hearing. 

The information contained on this website is only a summary of the information presented in more detail in the Notice. Because this website is just a summary, you should review the Notice for additional details.

Summary of the Action

The Notice relates to a proposed Settlement of claims in a pending securities class action brought by investors alleging, among other things, that defendants Yelp Inc., Jeremy Stoppelman, Lanny Baker, and Jed Nachman (collectively, the “Defendants”) violated the federal securities laws by making false and misleading statements regarding Yelp. A more detailed description of the Action is set forth in paragraphs 11-29 of the Notice.  The proposed Settlement, if approved by the Court, will settle claims of the Class, as defined in paragraph 30 of the Notice.

Subject to Court approval, Jonathan Davis ("Lead Plaintiff"), on behalf of himself and the Class, has agreed to settle the Action in exchange for a settlement payment of $22,250,000 in cash (the “Settlement Amount”) to be deposited into an escrow account.  The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (the “Settlement Fund”) less (a) any Taxes, (b) any Notice and Administration Costs, (c) any Litigation Expenses awarded by the Court, and (d) any attorneys’ fees awarded by the Court) will be distributed in accordance with a plan of allocation that is approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Class.  The proposed plan of allocation (the “Plan of Allocation”) is set forth in paragraphs 55-73 of the Notice.

The Court-certified Class consists of:

All persons who purchased or otherwise acquired Yelp common stock during the period between February 10, 2017 and May 9, 2017, inclusive, and were damaged thereby.

Please be advised that your rights may be affected by the above-captioned securities class action pending in the United States District Court for the Northern District of California. Please read the Notice to fully understand your rights and options. Copies of the Notice can be found in the important documents tab at the top of this page.

Payments to eligible claimants will be made only if the Court approves the Settlement and Plan of Allocation, and after any appeals are resolved and the completion of all claims processing. Please be patient, as this process will take some time to complete.


The deadline to submit a Claim has passed. The Claim Submission Deadline Has Passed
OPT BACK INTO THE CLASS BY SUBMITTING A WRITTEN REQUEST TO WITHDRAW YOUR PREVIOUS REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN JANUARY 9, 2023. If you previously submitted a request for exclusion from the Class in connection with the Certified Class Notice mailed in 2020 and now want to be part of the Class in order to be eligible to receive a payment from the Settlement, you must follow the steps for "Opting Back Into the Class" as set forth on page 19 of the Notice. If you previously submitted a request for exclusion in connection with the Certified Class Notice and wish to remain excluded from the Class, no further action is necessary.
OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN DECEMBER 29, 2022. If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them.  You cannot object to the Settlement, the Plan of Allocation or the fee and expense request if you excluded yourself from the Class.
GO TO A HEARING ON THURSDAY, JANUARY 19, 2023 AT 1:30 P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN DECEMBER 29, 2022. Filing a written objection and notice of intention to appear by Thursday, December 29, 2022 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys' fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.
DO NOTHING. If you are a member of the Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund.  You will, however, remain a member of the Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.


How do I obtain more information?

Detailed information about the pending Lawsuit is contained in the Notice available for download on the Important Documents page on this website. Additional information can also be obtained by contacting the Administrator by calling toll-free 1-888-964-0696 or emailing or mailing a letter to:

Yelp, Inc. Securities Litigation
c/o JND Legal Administration
P.O. Box 91030
Seattle, WA 98111

Inquiries regarding the Notice should NOT be directed to the Court, the office of the Clerk of the Court, Defendants or their Counsel.


For More Information

Visit this website often to get the most up-to-date information.


Yelp, Inc. Securities Litigation
c/o JND Legal Administration
P.O. Box 91030
Seattle, WA 98111