Case Page

 

Case Status:    DISMISSED    
On or around 02/29/2016 (Other)

Filing Date: November 22, 2013

According to the law firm press release, Tremor Video, headquartered in New York, New York, is a provider of technology-driven video advertising solutions for advertisers and agencies and publisher partners in the United States and internationally.

Tremor Video filed with the SEC a Registration Statement which, following several amendments and being declared effective by the SEC, was used to conduct the IPO on June 27, 2013. The complaint alleges that the Registration Statement was negligently prepared and, as a result, contained untrue statements of material facts or omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation. Specifically, defendants failed to disclose the following material facts which existed at the time of the IPO: (a) that the online advertising market had materially shifted towards mobile browsing, as opposed to desktop browsing, where the Company was at a significant disadvantage to its competitors; and (b) that the Company was losing sales to competitors as a result of its inferior mobile browsing capabilities.

The IPO was successful for the Company and the underwriter defendants, who sold 7.5 million shares of Tremor Video common stock to the public at $10 per share, raising approximately $75 million in gross proceeds for the Company. Yet by the time of the filing of this action, Tremor Video stock was trading at approximately $4 per share, a 60% decline from the IPO price.

On February 7, 2014, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead plaintiff filed an amended complaint on April 22.

On March 5, 2015, the Court issued an Order granting Defendants' motion to dismiss. The Clerk of Court was directed to enter judgment and close this case.

COMPANY INFORMATION:

Sector: Services
Industry: Advertising
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TRMR
Company Market: New York SE
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 #: 13-CV-08364
JUDGE: Hon. Paul A. Crotty
DATE FILED: 11/22/2013
CLASS PERIOD START: 06/27/2013
CLASS PERIOD END: 11/22/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  2. 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 #: 13-CV-08364
JUDGE: Hon. Paul A. Crotty
DATE FILED: 04/22/2014
CLASS PERIOD START: 06/27/2013
CLASS PERIOD END: 11/22/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.com
  2. 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