Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against comScore, Inc.
Oklahoma City, OK (March 12, 2016) – On March 10, 2016, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against comScore, Inc. (NASDAQ: SCOR). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is May 5, 2015 through March 7, 2016. More specifically, this litigation was filed because the Company and certain of its officers made false and/or misleading statements and/or failed to disclosed: (1) that the Company’s accounting practices were not in compliance with applicable SEC regulations; (2) that the Company lacked adequate internal controls over accounting; (3) that, as such, the Company would be unable to file its Form 10-K for the fiscal year ended December 31, 2015 in a timely manner; and (4) that, as a result of the foregoing, the Company’s financial statements, as well as Defendants’ statements about comScore’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On March 7, 2016, the Company filed an amendment to the Notice of Late which was previously filed February 29, 2016. In the amendment, the Company disclosed on March 5, 2016, the Company’s Audit Committee advised the Company’s Board of Directors that it did not expect to finalize its review of potential accounting issues before March 15, 2016. The Company also announced that “out of an abundance of caution” it was suspending the Company’s previously announced share repurchase program.
On this news, comScore stock fell $13.67 per share, or 33.5%, to close at $27.04 per share on March 7, 2016, on unusually heavy trading volume, thereby injuring investors.
Plaintiff seeks to recover damages on behalf of all comScore, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, May 9, 2016 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Sat, March 12, 2016
by Robin Hester filed under