NEW YORK, Aug. 31, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Nielsen Holdings plc (“Nielsen” or the “Company”) (NYSE: NLSN) and certain of its officers and directors. The class action, filed in United States District Court, Southern District of New York, and docketed under index 18-cv-07677, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired the common stock of Nielsen Holdings plc (“Nielsen” or the “Company”) between February 8, 2018 and July 25, 2018, both dates inclusive (the “Class Period”), against Nielsen and certain of its officers and/or directors for violations of the Securities Exchange Act of 1934 (the “Exchange Act”), including the Company’s Chief Executive Officer (“CEO”) and Executive Chairman of the Board of Directors, Dwight Mitchell Barns (“Barns”), and Chief Financial Officer (“CFO”), Jamere Jackson (“Jackson”).
If you are a shareholder who purchased or acquired common shares of Nielsen between February 8, 2018, and July 25, 2018, both dates inclusive, you have until October 9, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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Nielsen describes itself as a leading global performance management company providing its clients a comprehensive understanding of what consumers watch and what they buy and how those choices intersect. The Company divides its business client offerings into two major offering groups, including its “Buy” offering group of products and services and its “Watch” offering segments of products and services. The Company provides critical media and marketing information, analytics, and manufacturer and retailer expertise about what and where consumers buy (“Buy”) and what consumers read, “Watch” and listen to (consumer interaction across the television, radio, print, online, digital, mobile viewing and listening platforms).
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Nielsen recklessly disregarded its readiness for and the true risks of privacy-related regulations and policies, including the European General Data Protection Regulation (“GDPR”), on its current and future financial and growth prospects; (ii) Nielsen’s financial performance was far more dependent on Facebook and other third-party large data set providers than previously disclosed and privacy policy changes affected the scope and terms of access Nielsen would have to third-party data; (iii) access to Facebook and other third-party provider data was becoming increasingly restricted for Nielsen and Nielsen clients; and (iv) as a result, Nielsen’s public statements were materially false and misleading at all relevant times.
On July 26, 2018, Nielsen shocked investors as it published its financial results for second quarter 2018 announcing that it had missed revenue and earnings targets and was relieving its forecast of $800 million free cash flow for 2018, that the GDPR was affecting partners and clients, and that CEO Barns would retire at the end of 2018. The July 26, 2018, second quarter 2018 press release also issued sharp revisions to EBITDA margin growth, a $0.56 reduction of projected net income and a $250 million reduction to the free cash flow guidance, which was sharply below guidance issued in April 2018 after the first quarter 2018 financial results.
As a result of these alarming disclosures and significant reduction in the Company’s outlook for free cash flow, Nielsen’s stock price declined more than 25% from a close of $29.57 per share on July 25, 2018 to a close of $22.11 per share on July 26, 2018, on a massive volume of 38 million shares traded.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com 888-476-6529 ext. 9980
