SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (http://www.rgrdlaw.com/cases/nielsen/) today announced that a class action has been commenced on behalf of purchasers of Nielsen Holdings plc (NYSE:NLSN) common stock during the period between February 8, 2018 and July 25, 2018 (the “Class Period”). This action was filed in the Southern District of New York and is captioned Gordon v. Nielsen Holdings, plc, et al., No. 18-cv-7143.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Nielsen common stock during the Class Period to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. You can view a copy of the complaint as filed at http://www.rgrdlaw.com/cases/nielsen/.
The complaint charges Nielsen and certain of its officers with violations of the Securities Exchange Act of 1934. Nielsen describes itself as a leading global performance management company providing its clients with a comprehensive understanding of what consumers watch and what they buy and how those choices intersect.
The complaint alleges that during the Class Period, Nielsen repeatedly assured investors that its measurement and analytics services continued to be viable and strong. In addition, according to the Company, because privacy was built into its business processes, the enactment of the European General Data Protection Regulation (“GDPR”) would not impact its business, nor limit necessary access to large data sets provided by its partners like Facebook. Accordingly, despite business challenges in certain geographic regions, as late as June 5, 2018, defendants stated the Company’s 2018 financial outlook for revenue earnings and free cash flow of $800 million remained on track.
Then, on July 26, 2018, Nielsen announced that it had missed revenue and earnings targets for the second quarter of 2018, that the GDPR was affecting its partners and clients, and that the Company’s CEO would retire at the end of 2018. The Company also announced sharp revisions to EBITDA margin growth, a $0.56 reduction of projected net income, and a $250 million reduction in free cash flow guidance, which was sharply below the guidance issued in April 2018. As a result of these disclosures and the significant reduction in the Company’s outlook for free cash flow, the price of Nielsen stock declined more than 25%, from a close of $29.57 per share on July 25, 2018 to a close of $22.11 per share on July 26, 2018.
Plaintiff seeks to recover damages on behalf of all purchasers of Nielsen common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.
Robbins Geller is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For five consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit http://www.rgrdlaw.com for more information.