Processing your request


please wait...

Case Page

 

Case Status:    SETTLED
On or around 05/02/2022 (Date of last review)

Filing Date: August 08, 2018

Nielsen Holdings PLC ("Nielsen" or the "Company") 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. 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.

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.

The Complaint alleges that Defendants’ Class Period representations concerning the Company’s current business and financial condition, including its forecasted financial results, were each materially false and misleading when made, because Defendants failed to disclose the following true facts that were known to Defendants or recklessly disregarded by them: (a) the Company recklessly disregarded its readiness for, and the true risks of, privacy-related regulations and policies, including the GDPR, on its current and future financial and growth prospects; (b) the Company’s financial performance was far more dependent on Facebook and other third-party large data set providers than previously disclosed, and privacy policy changes affected the scope and terms of access Nielsen would have to third-party data; and (c) access to Facebook and other third-party provider data was becoming increasingly restricted for Nielsen and its clients. As a result of these material misrepresentations and omissions, Nielsen stock traded at artificially inflated prices of as high as $34.00 per share during the Class Period.

On April 22, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 18-CV-07143.

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.

On March 15, 2022, the parties entered into a Stipulation and Agreement of Settlement. On March 16, the Court denied as moot Lead Plaintiff's Motion for Class Certification from July 15, 2021.

The Court granted preliminary approval of the Settlement on April 4, 2022.

Protected Content


Please Log In or Sign Up for a free account to access restricted features of the Clearinghouse website, including the Advanced Search form and the full case pages.

When you sign up, you will have the option to save your search queries performed on the Advanced Search form.