Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against MDC Partners, Inc.
Oklahoma City, OK (August 4, 2015) – On July 31, 2015, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against MDC Partners, Inc. (NASDAQ: MDCA). 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 September 24, 2013 through April 27, 2015. More specifically, this litigation was filed because on April 27, 2015, the Company announced its financial results for the first quarter ended March 31, 2015. The Company also announced that: (a) it had been actively cooperating with an Securities and Exchange Commission (“SEC”) investigation relating to the reimbursement of expenses incurred by CEO Miles Nadal; (b) that Mr. Nadal had agreed to reimburse the Company $8.6 million; (c) during the quarter ended March 31, 2015, the Company incurred approximately $5.8 million in legal fees and other related expenses relating to the inquiry; and (d) the Company reassigned its CFO, Michael Sabatino, to a new role in the Company. On this news, the Company’s shares declined to close at $20.20 per share on April 28, 2015.
Plaintiff seeks to recover damages on behalf of all MDC Partners, 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 Tuesday, September 29, 2015 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 Tue, August 4, 2015
by Robin Hester filed under