Yelp shares surge as insiders decide not to cash out on accumulated gains
APSAN FRANCISCO--Yelp's early backers apparently still have a high opinion of the online business review service, much to Wall Street's relief, after insiders at several other Internet companies dumped some of their shares at the first opportunity.
August 31, 2012, 12:09 am TWN
A Wednesday increase of more than 22 percent in Yelp's stock price signaled the company's major shareholders are holding on to their stakes instead of seizing on a chance to reap the gains that have accumulated from investments made before the 8-year-old service went public in early March.
The first selling window for Yelp's insiders opened Wednesday with the expiration of a rule requiring them to hold on to their stock for 180 days after the company completed its initial public offering.