Case Page

 

Case Status:    DISMISSED    
On or around 09/30/2016 (Date of order of final judgment)

Filing Date: July 31, 2015

According to the law firm press release, MDC is a holding company that provides a comprehensive range of customized marketing, activation, communications and consulting services via its subsidiaries.

The complaint alleges that during the Class Period, defendants made or caused to be made a series of materially false or misleading statements about MDC’s business, executive compensation, related-party transactions, goodwill, prospects and operations. These material misstatements and omissions had the cause and effect of creating in the market an unrealistically positive assessment of MDC and its business, prospects and operations, thus causing the Company’s common stock to be overvalued and artificially inflated. As a result, MDC common stock traded at artificially inflated prices and the investing public suffered damages.

On April 27, 2015, after the close of trading, MDC issued a press release announcing its financial results for the period ended March 31, 2015. The press release also reported that the Securities and Exchange Commission had been conducting a formal investigation into the Company’s reporting of executive compensation and goodwill. In response to these revelations, the price of MDC common stock, which traded near the Class Period high of $28.65 per share on the last day of the Class Period, plummeted 27.8%, or $7.78 per share, from $27.98 per share on April 27, 2015 to close at $20.20 per share on April 28, 2015.

Plaintiffs filed an amended complaint on December 15, 2015.

On September 30, 2016, the Court issued an Order granting Defendants' Motion to Dismiss. This case was closed. Plaintiffs filed a Notice of Appeal of this Order on November 2.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MDCA
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 #: 15-CV-06034
JUDGE:
DATE FILED: 07/31/2015
CLASS PERIOD START: 09/24/2013
CLASS PERIOD END: 04/27/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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 ·
  2. Sugarman & Susskind
    100 Miracle Mile, Suite 300, Sugarman & Susskind, FL 33134
    305/529-2801 305/447-8115 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 15-CV-06034
JUDGE:
DATE FILED: 12/15/2015
CLASS PERIOD START: 10/28/2013
CLASS PERIOD END: 04/27/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio (Boston)
    One Liberty Square, Berman DeValerio (Boston), MA 02109
    617.542.8300 617.542.8300 ·
  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