A lawsuit has been filed against Yahoo for claims that they violated the Securities and Exchange Act of 1934. The lawsuit is entitled Vince Bonato v. Yahoo! Inc., Carol A. Bartz and Jerry Yang and is in theUnited States District Court for the Northern District of California. The lawsuit revolves around accusations that Yahoo made false and misleading statements and that they failed to disclose that an important corporate asset in China had been transferred at less than market value to another company. Alibaba and Yahoo received only $46 million for an asset that the shareholder complaint asserts is worth as much as $5 billion, yet according to the complaint, Yahoo waited until May to disclose the loss of Alipay to its own shareholders. Yahoo’s share price fell by 15 percent when the report was made public. If you held Yahoo common stock during the Class Period of April 19, 2011 to May 13, 2011, and who were damaged thereby you could be a class action member in the Yahoo Securities Fraud Class Action Lawsuit. Please check back for more updates.
