Case Page

 

Case Status:    DISMISSED    
On or around 05/29/2015 (Notice of voluntarily dismissal)

Filing Date: September 30, 2014

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.

COMPANY INFORMATION:

Sector: Services
Industry: Advertising
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MM
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 #: 14-CV-07923
JUDGE: Hon. Paul A. Engelmayer
DATE FILED: 09/30/2014
CLASS PERIOD START: 03/28/2012
CLASS PERIOD END: 05/07/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 14-CV-07923
JUDGE: Hon. Paul A. Engelmayer
DATE FILED: 04/15/2015
CLASS PERIOD START: 03/28/2012
CLASS PERIOD END: 08/11/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Cera LLP
    595 Market Street, Suite 2300, Cera LLP, CA 94105
    (415) 777-2230 (415) 777-5189 ·
  3. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
No Document Title Filing Date