RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased TrueCar, Inc. (“TrueCar” or the “Company”) (NASDAQ: TRUE) securities between February 16, 2017 and November 6, 2017, inclusive (the “Class Period”).
TrueCar shareholders may, no later than June 1, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of TrueCar and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) that the United Services Automobile Association (“USAA”) had been planning significant changes to its website that would have a material adverse effect on the volume of purchases generated by USAA; (2) that USAA made significant changes to its website that would have a material adverse effect on the volume of purchases generated by USAA; (3) that the changes to USAA’s website maintained by TrueCar caused a material adverse effect on the volume of purchases generated by USAA; and (4) that, as a result of the foregoing, Defendants’ statements about TrueCar’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on November 6, the Company disclosed that USAA had made significant changes to its website during the Class period that had a material adverse effect on the volume of purchases generated by USAA.
On this news, shares of TrueCar declined over 35%, closing at $10.58 per share on November 7, 2015, on heavy trading volume.
If you are a member of the class, you may, no later than June 1, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.