NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Magnite, Inc. (NASDAQ: MGNI) f/k/a Telaria, Inc. (NYSE: TLRA) and/or Rubicon Project (NYSE: RUBI) resulting from allegations that Magnite may have issued materially misleading business information to the investing public.
On January 7, 2021, Spruce Point Management released a report detailing Magnite’s dubious business practices and potentially misleading financial statements. In particular, Spruce Point’s report discussed: (1) Telaria’s business woes prior to its merger with Rubicon to create Magnite; (2) Rubicon’s business woes prior to its merger with Telaria; (3) discrepancies in Telaria’s 2019 Capital Expenditures; (4) Magnite removing nearly $9.3 million in “Other Assets” following the merger; (5) Magnite’s misrepresentation regarding its “Supply Path Optimization,” initially describing 2019 as a period of “acceleration” but later calling it “slow”; and (6) Magnite’s questionable financial reporting method which may be hiding indicators of financial challenges for Telaria.
On this news, Magnite shares fell $1.70, or 6.2%, from closing at $27.31 on January 6, 2021, to close at $25.61 on January 7, 2021.
Rosen Law Firm is preparing a securities lawsuit on behalf of Magnite shareholders. If you purchased securities of Magnite please visit the firm’s website at http://www.rosenlegal.com/cases-register-2019.html to join the securities action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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