Ninth Circuit Upholds Dismissal of Yelp Securities Class Action

On November 21, 2017, the Ninth Circuit issued a decision in Curry v. Yelp, Inc., No. 16-15104, affirming the district court’s dismissal with prejudice of a securities fraud action against Yelp and certain of its senior executives.  The Ninth Circuit found that the plaintiffs had failed to plead facts establishing loss causation or a strong inference of the defendants’ scienter (i.e. reckless or intentional misconduct).