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TrueCar Inc (NASDAQ: TRUE) Investor Securities Class Action Lawsuit 03/30/2018

  • If you purchased shares of TrueCar Inc (NASDAQ: TRUE), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
TrueCar Inc
Security
NASDAQ: TRUE

Case Name
TrueCar Shareholder Class Action Lawsuit 03/30/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
Truecar_Settlement_01_27_2020.pdf
Filed Complaint
truecar_inc_original_filing_edited_3_2018.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$28,250,000.00

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Summary

January 27, 2020 - The court granted final approval of the settlement.

October 15, 2019 - The court preliminarily approved the settlement.

August 8, 2019 - A stipulation and agreement of settlement was entered by the parties.

March 30, 2018 - An investor in shares of TrueCar Inc (NASDAQ: TRUE) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by TrueCar Inc in connection with certain allegedly false and misleading statements made between February 16, 2017 and November 6, 2017.

Santa Monica, CA based TrueCar Inc, together with its subsidiaries, operates as an Internet-based information, technology, and communication services company in the United States.

On November 6, 2017, TrueCar Inc reported its third quarter 2017 financial results. TrueCar Inc also disclosed that USAA had made significant changes to its website between February 16, 2017 and November 6, 2017 that had a material adverse effect on the volume of purchases generated by USAA.

Shares of TrueCar Inc (NASDAQ: TRUE) declined to as low as $10.16 per share on November 9, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of TrueCar Inc (NASDAQ: TRUE) common shares between February 16, 2017 and November 6, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 16, 2017 and November 6, 2017, the defendants made false and/or misleading statements and/or failed to disclose 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 Inc 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 Inc's business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

On April 2, 2017, TrueCar Inc (NASDAQ: TRUE) shares closed at $9.24 per share.

truecar_inc_original_filing_edited_3_2018.pdf
Date Settled