Plaintiff's law firm issued a press release on August 8, 2018, announcing the law suit. According to the press release, the complaint charges Nielsen and certain of its officers with violations of the Securities Exchange Act of 1934. Nielsen describes itself as a leading global performance management company providing its clients with a comprehensive understanding of what consumers watch and what they buy and how those choices intersect.
The Complaint alleges that during the Class Period, Nielsen repeatedly assured investors that its measurement and analytics services continued to be viable and strong. In addition, according to the Company, because privacy was built into its business processes, the enactment of the European General Data Protection Regulation (“GDPR”) would not impact its business, nor limit necessary access to large data sets provided by its partners like Facebook. Accordingly, despite business challenges in certain geographic regions, as late as June 5, 2018, Defendants stated the Company’s 2018 financial outlook for revenue earnings and free cash flow of $800 million remained on track.
On April 22, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 21. On July 12, Lead Plaintiff filed a corrected amended Complaint. Lead Plaintiff filed a second amended Complaint on September 27. Defendants filed a Motion to Dismiss the second amended Complaint on November 26. On January 4, 2021, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.