Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against TrueCar, Inc.
Oklahoma City, OK (May 29, 2015) – On May 27, 2015, a securities class action lawsuit was filed in the United States District Court for the Central District of California against TrueCar, Inc. (NASDAQ: TRUE). The complaint alleges violations of federal securities laws under the Securities Exchange Act of 1934, 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 16, 2014 through May 20, 2015. More specifically, this litigation was filed because the Company made false and/or misleading statements and/or failed to disclose that: (i) TrueCar’s business practices violated unfair competition and deceptive trade practice laws; (ii) TrueCar acts as a dealer and broker in car sales transactions without proper licensing, in violation of various States’ laws that govern car sales; and (iii) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.
On March 9, 2015, a complaint was filed in Federal Court against TrueCar alleging that car dealers were injured by the Company’s business practices which violated unfair competition and deceptive trade practice laws.
Another lawsuit was filed on May 20, 2015 against TrueCar alleging that TrueCar violates various laws that govern car sales in the State of California including claims that TrueCar acts as a dealer and broker in car sales transactions without proper licensing. On the news, shares of TrueCar declined to close at $13.99.
Plaintiff seeks to recover damages on behalf of all TrueCar, 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, July 27, 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 hereto obtain an investor certification. Once complete, please email this form to email@example.com, 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 Fri, May 29, 2015
by Robin Hester filed under