Yahoo! has been sued by a law firm which claims Yahoo! made fraudulent claims about the reception of its new ad platform Panama.

In its latest financial results, Yahoo! reported a fall in quarterly profits of $142 million (£70.7 million), but executives nevertheless forecast a positive outlook to shareholders, Lerach Coughlin has claimed.

The law firm – which is currently seeking support from shareholders at the search engine – also alleges that Yahoo! used a number of deceptive practices to entice advertisers and was deficient in operations on various occasions, MarketingVOX reports.

In a recent interview, Yahoo! chief financial executive Susan Decker was quoted as saying by ZDNet that the effect of search engine marketing platform Panama would not impact on profits until the next quarter.

Wealth management firm UBS AG has claimed that the program could boost Yahoo!’s revenue growth by 20 per cent in the second half of this year.

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