NEW YORK, May 24, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a federal securities class action lawsuit has been filed against TrueCar, Inc. ("TrueCar" or the "Company") (NASDAQ: TRUE ) in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased the publicly traded common stock of TrueCar February 16, 2017 through November 6, 2017, inclusive (the "Class Period"). Shareholders who purchased shares on the April 26, 2017 Secondary Public Offering (SPO) at $16.50 per share are specifically urged to contact Wolf Haldenstein immediately to discuss their legal rights.
Investors who have incurred losses in shares of TrueCar, Inc. may contact the firm at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the firm on our website, www.whafh.com.
The filed complaint alleges that during the Class Period the Company made numerous positive statements concerning the Company's prospects and growth, while failing to disclose negative developments related to the United Services Automobile Association ("USAA"), its largest source of revenue.
The filed complaint further alleges that, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
- that USAA had been planning significant changes to its website that would have a material adverse effect on the volume of purchases generated by USAA;
- that USAA made significant changes to its website that would have a material adverse effect on the volume of purchases generated by USAA;
- that the changes to USAA's website maintained by TrueCar caused a material adverse effect on the volume of purchases generated by USAA; and
- 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.
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, TrueCar's shares declined by $5.76 per share, or 35.25%, to close at $10.58 per share on November 7, 2017 on heavy trading volume.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com , kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
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