Case Page

 

Case Status:    DISMISSED    
On or around 12/09/2015 (Court's order of dismissal)

Filing Date: May 27, 2015

According to the law firm press release, TrueCar operates as an Internet-based information, technology, and communication services company. The company operates its platform on the TrueCar Website and TrueCar mobile applications. It also customizes and operates its platform for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for large enterprises.

The Complaint alleges that throughout the Class Period, defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) TrueCar's business practices violated unfair competition and deceptive trade practice laws; (ii) TrueCar acts as a dealer and broker in car sales transactions without proper licensing, in violation of various States' laws that govern car sales; and (iii) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On March 9, 2015, a complaint was filed in Federal Court against TrueCar claiming that car dealers have been injured by the Company's business practices which violated unfair competition and deceptive trade practice laws. On this news, shares of TrueCar fell $0.47, or over 2.7%, to close at $16.50 on May 10, 2015.

On May 20, 2015, a lawsuit was filed against TrueCar in Los Angeles County Superior Court, claiming that TrueCar violates various laws that govern car sales in the state including allegations that TrueCar acts as a dealer and broker in car sales transactions without proper licensing. On the news, shares of TrueCar fell $1.04, or over 6.9%, to close at $13.99 on May 20, 2015.

This case was dismissed with prejudice by the Court on December 9, 2015.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TRUE
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: C.D. California
DOCKET #: 15-CV-03979
JUDGE: Hon. Manuel L. Real
DATE FILED: 05/27/2015
CLASS PERIOD START: 05/16/2014
CLASS PERIOD END: 05/20/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 15-CV-03979
JUDGE: Hon. Manuel L. Real
DATE FILED: 10/05/2015
CLASS PERIOD START: 05/16/2014
CLASS PERIOD END: 07/23/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  2. The Rosen Law Firm, P.A. (New Los Angeles)
    355 South Grand Ave, Suite 2450, The Rosen Law Firm, P.A. (New Los Angeles), CA 90071
    (213) 785-2610 (213) 226-4684 ·
No Document Title Filing Date