NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky announces it has commenced an investigation of TrueCar, Inc. (“TrueCar” or “the Company”) (NASDAQGS: TRUE) concerning possible violations of federal securities laws.
On November 6, 2017, post-market, TrueCar issued its third quarter 2017 financial results and reported third quarter revenue of only $82.4 million. During the conference call that followed, the Company attributed the unexpected sales miss, in part, to the fact that its channel partner USAA had undergone a significant website redesign which impacted traffic and close rates. As a result, TrueCar experienced a 5% decline in unit sales from USAA during the quarter. Following this news, TrueCar’s shares fell more than 35% to close at $10.58 per share on November 7, 2017, significantly lower than the Offering price of $16.50 per share on April 27, 2017. Then on February 2, 2018, TrueCar disclosed the unexpected resignation of its Chief Financial Officer, Michael Guthrie, for personal reasons effective as of the prior day. To obtain additional information, go to:
or contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.