NEW YORK, June 23, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed against TrueCar, Inc. ("TrueCar" or the "Company") (Nasdaq:TRUE) and certain of its officers. The class action, filed in United States District Court, Central District of California, is on behalf of all persons or entities who purchased TrueCar securities between May 16, 2014 and May 20, 2015 inclusive (the "Class Period"). The class action seeks to recover investors' losses under the federal securities laws.
If you purchased TrueCar during the Class Period, you may, no later than July 27, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the TrueCar Shareholder Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
The Complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, during the Class Period, defendants made materially 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 claiming that car dealers have been injured by the Company's business practices which violated unfair competition and deceptive trade practice laws. Following this news, shares of TrueCar fell $0.47 to close at $16.50 on May 10, 2015.
On May 20, 2015, a lawsuit was filed against TrueCar in Los Angeles County Superior Court, claiming that TrueCar violates various laws that govern car sales in the state including allegations that TrueCar acts as a dealer and broker in car sales transactions without proper licensing. Following this news, shares of TrueCar fell $1.04, or over 6.9%, to close at $13.99 on May 20, 2015.
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