Scott+Scott Attorneys at Law LLP Investigating TrueCar, Inc.'s Directors and Officers for Breach of Fiduciary Duties - TRUE
Scott+Scott Attorneys at Law LLP Investigating TrueCar, Inc.'s Directors and Officers for Breach of Fiduciary Duties - TRUE
PR Newswire
NEW YORK, May 14, 2019
NEW YORK, May 14, 2019 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national securities and consumer rights litigation firm, is investigating whether certain directors and officers of TrueCar, Inc. ("TrueCar" or the "Company") (NASDAQ: TRUE) breached their fiduciary duties to the Company and its shareholders. If you are a TrueCar shareholder, you are encouraged to contact Joe Pettigrew with Scott+Scott for additional information at (844) 818-6982.
Scott+Scott is investigating whether members of TrueCar's board of directors made or allowed TrueCar to make false and/or misleading statements and/or failed to disclose that: (1) the largest source of TrueCar's revenue, the United States Automobile Association ("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) USAA made significant changes to its website that would have a material adverse effect on the volume of purchases generated by USAA; (3) the changes to USAA's website maintained by TrueCar caused a material adverse effect on the volume of purchases generated by USAA; and (4) as a result, statements about TrueCar's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
On November 6, 2017, 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. Following this news, TrueCar's shares fell more than 35% to close at $10.58 per share on November 7, 2017.
What You Can Do
If you are a TrueCar shareholder, you may have legal claims against the Company's directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or at [email protected].
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
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CONTACT:
Joe Pettigrew
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Floor, New York, NY 10169
(844) 818-6982
[email protected]
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