NEW YORK, Sept. 30, 2014 (GLOBE NEWSWIRE) -- Labaton Sucharow LLP ("Labaton Sucharow") and Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") filed a securities class action lawsuit on behalf of the Public Employees' Retirement System of Mississippi in the U.S. District Court for the Southern District of New York. The lawsuit was filed on behalf of all persons or entities who, between March 28, 2012 and May 7, 2014, inclusive (the "Class Period"), purchased or otherwise acquired the common stock of Millennial Media, Inc. (NYSE:MM) ("Millennial Media" or the "Company"), as well as all persons or entities who purchased the common stock of Millennial Media pursuant and/or traceable to registered public offerings on or about March 28, 2012 (the Company's initial public offering, or "IPO") and October 24, 2012 (the "Secondary Offering").
Millennial Media, based in Baltimore, Maryland, provides digital advertising services focused on the mobile computing segment. The Company uses proprietary technology to assist developers and advertisers in targeting users of mobile devices.
The complaint charges Millennial Media and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder. The complaint alleges that certain defendants made false and misleading statements and concealed material information relating to, among other things, the development and functionality of crucial technological products, the business synergies and integration progress of certain corporate acquisitions, and the prospects and outlook for Millennial Media's performance.
In addition, the complaint alleges that Millennial Media, certain of its officers and directors, underwriters of the IPO and Secondary Offering, and principal shareholders violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. The complaint alleges that certain defendants made false and misleading statements and failed to disclose material adverse information in offering documents filed with the U.S. Securities and Exchange Commission in connection with the sale of more than $152 million of common stock in the Company's IPO and more than $162 million of common stock in the Company's Secondary Offering.
The true state of Millennial Media's technology, acquisitions, and outlook was revealed through a series of disclosures that included revelations of disappointing financial results and guidance, additional corporate acquisitions, and the resignation of its Chief Financial Officer, Michael B. Avon to "pursue other career interests." As the market reacted to these revelations, Millennial Media's stock price declined dramatically, falling 86.56 percent from its Class Period high.
If you purchased or acquired Millennial Media common stock during the Class Period as defined above or pursuant to the Company's IPO or Secondary Offering, you are a member of the "Class" and may be able to seek appointment as Lead Plaintiff. Lead Plaintiff motion papers must be filed with the U.S. District Court for the Southern District of New York no later than December 1, 2014. A lead plaintiff is a court-appointed representative for absent members of the Class. You do not need to seek appointment as lead plaintiff to share in any Class recovery in this action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member. You may retain counsel of your choice to represent you in this action.
If you would like to consider serving as lead plaintiff or have any questions about this lawsuit, you may contact Rachel A. Avan, Esq. of Labaton Sucharow at (800) 321-0476 or (212) 907-0709 or via email at ravan@labaton.com, or Avi Josefson, Esq. of BLB&G at (212) 554-1493 or via email at avi@blbglaw.com. If you are a member of the Class, you can view a copy of the complaint and join this class action online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm or at http://www.blbglaw.com/cases/00245.
Plaintiff Public Employees' Retirement System of Mississippi is represented by Labaton Sucharow and BLB&G. Labaton Sucharow represents many of the largest pension funds in the United States and internationally with collective assets under management of more than $2 trillion. With nearly 60 full-time attorneys, the Labaton Sucharow's litigation reputation is built on its in-house team of investigators, financial analysts, and forensic accountants. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Labaton Sucharow's offices are located in New York, NY and Wilmington, DE. More information about Labaton Sucharow is available at www.labaton.com.
Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination, and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors. More information about BLB&G can be found online at www.blbglaw.com.