NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired TrueCar, Inc. (NASDAQ: TRUE) securities between February 16, 2017 and November 6, 2017 (the “Class Period”). Investors have until May 30, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that during the Class Period the Company made numerous positive statements concerning the Company's prospects and growth, while failing to disclose negative developments related to the United Services Automobile Association ("USAA"), its largest source of revenue.
The Complaint further alleges that, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) that USAA made significant changes to its website that would have a material adverse effect on the volume of purchases generated by USAA; (3) that the changes to USAA's website maintained by TrueCar caused a material adverse effect on the volume of purchases generated by USAA; and (4) that, as a result of the foregoing, Defendants' statements about TrueCar's business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
On November 6, the Company disclosed that USAA had made significant changes to its website during the Class period that had a material adverse effect on the volume of purchases generated by USAA. On this news, TrueCar's shares declined by $5.76 per share, or 35.25%, to close at $10.58 per share on November 7, 2017 on heavy trading volume.
If you purchased or otherwise acquired TrueCar securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the TrueCar, Inc. lawsuit, please go to http://www.bespc.com/true. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.