Case Page

 

Case Status:    DISMISSED    
On or around 04/09/2013 (Date of order of final judgment)

Filing Date: August 02, 2011

According to a press release dated August 2, 2011, the complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that the Company was experiencing sponsorship cancellations due to extended legal and regulatory reviews; (ii) that the Company’s customers, including several consumer product companies, were delaying advertising on the Company’s website as a result of smaller advertising budgets; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.

On July 18, 2011, the Company announced its preliminary second quarter financial results and lowered its financial guidance for 2011. In reaction to the Company’s announcement, the price of the Company’s stock fell $14.01 per share, or 30%, to close at $32.48 per share, on extremely heavy trading volume.

On November 7, 2011, the Court issued an order appointing the Lead Plaintiff and approving of lead counsel. On February 14, 2012, the Lead Plaintiff filed a Consolidated Amended Complaint.

On January 2, 2013, the Court issued an Order granting the Defendants' motions to dismiss. Plaintiffs were given leave to file a Second Amended Complaint. Plaintiffs did not file an amended complaint. As such, this case was closed on April 9.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: WBMD
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 11-CV-05382
JUDGE: Hon. John F. Keenan
DATE FILED: 08/02/2011
CLASS PERIOD START: 02/23/2011
CLASS PERIOD END: 07/15/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  2. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 11-CV-05382
JUDGE: Hon. John F. Keenan
DATE FILED: 02/14/2012
CLASS PERIOD START: 02/23/2011
CLASS PERIOD END: 01/10/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Zwerling Schachter & Zwerling LLP (New York)
    41 Madison Avenue-32nd Floor, Zwerling Schachter & Zwerling LLP (New York), NY 10010
    212.223.3900 212.223.3900 · inquiry@zsz.com
No Document Title Filing Date