According to the law firm press release, 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 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 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.
On February 10, 2015, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiffs filed a consolidated and amended complaint on April 15.
This case was voluntarily dismissed on May 29, 2015.