SAN DIEGO, CA / ACCESSWIRE / August 7, 2019 / The Shareholders Foundation, Inc. announces that a settlement was proposed in the lawsuit for certain investors in shares of TrueCar, Inc. (NASDAQ:TRUE).
Investors, who acquired shares of TrueCar, Inc. (NASDAQ:TRUE) prior to February 2017 and currently hold any of those shares, have also certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779-1554.
On April 2, 2018, a lawsuit was filed against TrueCar, Inc. over alleged violations of securities laws. The plaintiff alleged that the defendants made false and/or misleading statements and/or failed to disclose 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, that USAA made significant changes to its website that would have a material adverse effect on the volume of purchases generated by USAA, that the changes to USAA's website maintained by TrueCar caused a material adverse effect on the volume of purchases generated by USAA, and that, as a result of the foregoing, Defendants' statements about TrueCar's business, operations, and prospects, were materially. On August 24, 2018, an amended complaint was filed and on November 5, 2018, the defendants filed their motion to dismiss the case. On February 5, 2019, the court issued an order denying the defendants’ motion to dismiss the case.
On July 3, 2019, the parties announced that they have reached an agreement in principle to settle the case and on August 2, 2019, a stipulation and agreement of settlement was filed with the court. The settlement will need approval by the court. Under the terms of the proposed settlement TrueCar has agreed to pay to investors $28.25 million.
Those who purchased TrueCar, Inc. (NASDAQ:TRUE) shares have certain options and should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.