Case Page

 

Case Status:    ONGOING    
On or around 06/27/2018 (Ongoing date of last review)

Filing Date: March 30, 2018

TrueCar develops and publishes an online automobile information and communication platform. The Company provides data and price reports for new and used cars, and provides a platform for car dealers to communicate with
consumers. TrueCar operates a company-branded platform that can be accessed directly, and also customizes and operates its platform on a co-branded basis for many affinity group marketing partners, including financial institutions, such as the United Services Automobile Association (“USAA”), membership-based organizations such as Consumer Reports, and employee buying programs for large enterprises such as IBM and WalMart. TrueCar’s platform enables users to obtain market-based pricing data on new and used cars, and to connect with its network of TrueCar Certified Dealers. The platform also enables automobile manufacturers, or OEMs, to connect with TrueCar users during the purchase process to deliver targeted incentives to consumers.

According to the law firm press release, the Complaint alleges that during the Class Period the Company made numerous positive statements concerning the Company's prospects and growth, while failing to disclose negative developments related to the United Services Automobile Association ("USAA"), its largest source of revenue.

The Complaint further alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) that USAA had been planning significant changes to its website that would have a material adverse effect on the volume of purchases generated by USAA; (2) that USAA made significant changes to its website that would have a material adverse effect on the volume of purchases generated by USAA; (3) that the changes to USAA's website maintained by TrueCar caused a material adverse effect on the volume of purchases generated by USAA; and (4) that, as a result of the foregoing, Defendants' statements about TrueCar's business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

On June 27, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel.

COMPANY INFORMATION:

Sector: Services
Industry: Printing & Publishing
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 #: 18-CV-02612
JUDGE: Hon. Stephen V. Wilson
DATE FILED: 03/30/2018
CLASS PERIOD START: 02/16/2017
CLASS PERIOD END: 11/06/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kaplan Fox & Kilsheimer LLP (SF)
    350 Sansome Street, Suite 400, Kaplan Fox & Kilsheimer LLP (SF), CA 94104
    415-772-4700 415-772-4707 ·
No Document Title Filing Date