Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, announces that a federal class action lawsuit has been filed against TrueCar, Inc. (“TrueCar” or “Company”) (NasdaqGS: TRUE) and several officers and directors for acts taken during the period of February 16, 2017 and November 6, 2017 (the “Class Period”).
Based upon the allegations in the class action, the firm is investigating additional legal claims against the officers and Board of Directors of TrueCar. If you are an affected TrueCar shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at email@example.com or call toll free at (888) 809-2750. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants’ misrepresented and/or failed to disclose during the Class Period that: (1) United States Automobile Association (“USAA”), the largest source of TrueCar’s revenue, 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, defendants’ statements about TrueCar’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis. When this news was revealed to the market, the Company’s stock dropped significantly.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.