Angie's List Sued For Misleading Stockholders
Top executives at Angie's List are accused of misleading shareholders and selling off stock at inflated prices.
According to a lawsuit filed Monday, the Indianapolis based company's subscription fee was lowered to "artificially" boost membership numbers, which caused the stock to soar to 28-dollars in July.
During that time, company officials allegedly sold their shares at the inflated price.
Company officials are also accused of misleading the public about the role advertising dollars play in how service companies are listed on the consumer review site.