NEW YORK--(BUSINESS WIRE)--The Klein Law Firm announces the commencement of an investigation of TrueCar, Inc. (NASADAQGS: TRUE) concerning possible violations of federal securities laws.
TrueCar issued its third quarter 2017 financial results on November 6, 2017, 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.
If you suffered a loss in TrueCar and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kkclasslaw.com/TRUE-Info-Request-Form-286.
Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.