SAN FRANCISCO — Yelp Inc. has tapped Arnold & Porter to fight claims the company misled investors about the nature of its reviews.
Partner Gilbert Serota will defend the company against two securities class actions filed in the Northern District of California, according to notices submitted Thursday. The suits accuse Yelp of making companies pay to suppress criticism on the consumer review website and mobile platforms, and then hiding that practice from shareholders. Yelp management’s misstatements artificially inflated stock prices, according to the plaintiffs lawyers, allowing insiders to cash out for more than $81 million.
