NEW YORK, Sept. 3, 2015 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights firm, reminds purchasers of MDC Partners Inc. (NASDAQ:MDCA) securities during the period from September 24, 2013 through April 27, 2015 inclusive (the "Class Period") of the important September 29, 2015 lead plaintiff deadline in the class action. The lawsuit seeks to recover damages for MDC Partners Inc. investors under the federal securities laws.
To join the MDC Partners class action, go to the firm's website at http://www.rosenlegal.com/cases-595.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges that during the Class Period, defendants made or caused to be made a series of materially false or misleading statements about MDC Partners' business, executive compensation, related-party transactions, goodwill, prospects and operations. These material misstatements and omissions had the cause and effect of creating in the market an unrealistically positive assessment of MDC Partners and its business, prospects and operations, hence causing MDC Partners' common stock to be overvalued and artificially inflated. Consequently, MDC Partners' common stock traded at artificially elevated prices and shareholders sustained damages.
On April 27, 2015, MDC Partners announced in a press release its financial results for the first quarter ended March 31, 2105. MDC Partners also announced that: (1) since October 5, 2014, MDC Partners has been actively cooperating with an SEC investigation relating to the reimbursement of expenses incurred by the CEO, Miles Nadal; (2) Mr. Nadal agreed to reimburse the Company $8.6 million, which MDC Partners had sought for reimbursement; (3) during the quarter ended March 31, 2015, MDC Partners incurred approximately $5.8 million in legal fees and other related expenses relating to the SEC inquiry; and (4) MDC Partners reassigned its CFO, Michael Sabatino, to a new role in the Company. On this news, shares of MDC Partners fell $9.09 per share to close at $18.89 on April 28, 2015.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 29, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to the firm's website at http://www.rosenlegal.com/cases-595.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.