The shares of Yelp declined due to an investigative documentary project entitled “Billion Dollar Bully,” which examines the business practices of the online review company involving claims of extortion, review fabrication and manipulation.
The stock price of Yelp was down nearly 5% to $44.58 per share at the time of this writing around 3:20 in the afternoon in New York.
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Documentary filmmaker, Kaylie Milliken of Prost Productions is involved in the production of Billion Dollar Bully. The production is issued a press release announcing the documentary project about the business practices of Yelp.
According to Prost Productions, Billion Dollar Bully features business owners who agreed to tell their personal stories regarding Yelp’s questionable dealings with them.
Yelp denied the allegations
Yelp denied the claims of the business owners and stated that all allegations against the company are merely conspiracy theories.
In a statement to Business Insider, spokesman for Yelp said, “”The director has a conflict of interest, as she has a history of trying to mislead consumers on Yelp. There is no merit to the claims they appear to highlight, which have been repeatedly dismissed by courts of law, investigated by government regulators, including the FTC, and disproven by academic study.”
Prost Production is raising funds to complete the documentary
Prost Productions is raising funds to complete the project through Kickstarter. The Billion Dollar Bully has 81 supporters and already received $10,510 in pledges to date.
Its goal is to raise $60,000 to finish the post production of the documentary including color correction, graphics, editing, music composition, videography, insurance and legal fees. Prost Productions will not be able to complete the project without the needed funding.
Post Productions said, “Business owners and consumers deserve to see arguments for and against Yelp’s business tactics. After so much debate in the media, this documentary is long overdue.”