BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased comScore, Inc. (“comScore” or the “Company”) (NASDAQ: SCOR) securities between May 5, 2015 and March 7, 2016, inclusive (the “Class Period”). comScore investors have until May 9, 2016 to file a lead plaintiff motion.
Investors who suffered losses on their comScore investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On March 7, 2016, the Company disclosed that on March 5, 2016, the Company’s Audit Committee advised the Company’s Board of Directors that it did not expect to finalize its review of potential accounting issues before March 15, 2016. The Company also disclosed that, as a result, “the Company is not in a position to file its Form 10-K until after the Audit Committee completes its review and the Company’s independent public accountants assess the conclusions of the Audit Committee in connection with their audit of the Company’s annual financial statements included in the Form 10-K.” The Company also stated that it does not expect to make further comment regarding the Audit Committee’s review until its conclusion. Finally, in a press release issued the same day, the Company announced that “out of an abundance of caution” it was suspending the Company’s previously announced share repurchase program.
On this news, comScore stock fell $13.67 per share, or 33.5%, to close at $27.04 per share on March 7, 2016, on unusually heavy trading volume, thereby injuring investors.
The complaint charges comScore and certain of its officers with violations of the federal securities laws. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company’s accounting practices were not in compliance with applicable SEC regulations; (2) that the Company lacked adequate internal controls over accounting; (3) that, as such, the Company would be unable to file its Form 10-K for the fiscal year ended December 31, 2015 in a timely manner; and (4) that, as a result of the foregoing, the Company’s financial statements, as well as Defendants’ statements about comScore’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased shares of comScore during the Class Period you may move the Court no later than May 9, 2016 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.