Lawsuit: Angie's List execs misled shareholders - 13 WTHR Indianapolis

Lawsuit: Angie's List execs misled shareholders

Updated:
INDIANAPOLIS -

A lawsuit alleges that top executives at Angie's List Inc. made false or misleading statements about the consumer review service's financial condition that inflated its stock price as they sold more than $13 million worth of their shares.

The Indianapolis Business Journal and The Indianapolis Star report a lawsuit was filed Monday in U.S. District Court in Indianapolis on behalf of shareholders Eva and Harold Baron by Robbins Geller Rudman & Dowd LLP, a national securities litigation firm that led $7.3 billion in settlements for former investors of scandal-plagued energy giant Enron Corp.

Angie's List spokeswoman Cheryl Reed told The Associated Press on Tuesday the company had no comment on the lawsuit.

The lawsuit seeks unspecified damages on behalf of common shareholders and seeks class-action status.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Powered by WorldNow