Summary Box: Angie's List's shares tumble 16 pct.

AP News
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Posted: Aug 14, 2012 4:16 PM

SWEPT AWAY: Angie's List's stock plunged 16 percent Tuesday as selling restrictions on some of the company's major shareholders expired.

SELLING TSUNAMI? Investors are concerned a wave of insider selling will drive down the market value of the online business review service. Until Tuesday, about 25 million shares, or 44 percent of Angie's List's outstanding stock, couldn't be sold.

BELOW THE IPO: Tuesday's sell-off marked the biggest one-day drop in Angie List's shares since the company's stock market debut nine months ago. The decline left the shares 14 percent below their initial public offering price of $13.