NEW YORK, Aug. 3, 2015 /PRNewswire/ -- Bernstein
Liebhard LLP today alerts investors that a class action has been
commenced in the United States District Court for the Southern
District of New York on behalf of
purchasers (the "Class") of common stock of MDC Partners, Inc.
("MDC" or the "Company") (NASDAQ: MDCA) during the period of
September 23, 2013 and April 27, 2015 (the "Class Period") alleging
violations of Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934 against the Company and certain of its officers (the
"Complaint").
The Complaint alleges that during the Class Period, defendants
made false and misleading statements and/or failed to disclose
materially adverse information regarding MDC's business, executive
compensation, related-party transactions, goodwill, prospects and
operations. The Complaint alleges that as a result of these
material misstatements and omissions MDC common stock traded at
artificially inflated prices and the investing public suffered
damages.
On April 27, 2015, along with its
first quarter financial results, the Company announced that (1) on
October 5, 2014, it had received a
subpoena from the Securities and Exchange Commission (the "SEC")
related to the reimbursement of expenses incurred by CEO
Miles Nadal, the Company's goodwill,
and certain other accounting practices; (2) as a result of an
investigation by Special Committee of independent directors formed
in response to the subpoena Mr. Nadal had agreed to reimburse the
Company $8.6 million; and (3) during
the fiscal quarter the Company incurred approximately $5.8 million in legal fees and other related
expenses related to the SEC inquiry.
Following this news, the price of MDC common stock fell 27.8%,
or $7.78 per share, from $27.98 per share on April
27, 2015 to close at $20.20
per share on April 28, 2015.
Plaintiffs seek to recover damages on behalf of all Class
members who invested in MDC common stock during the Class
Period. If you invested in MDC common stock as described
above, and either lost money on the transaction or still hold the
security, you may wish to join in this action to serve as lead
plaintiff. In order to do so, you must meet certain
requirements set forth in the applicable law and file appropriate
papers no later than September 29,
2015.
A "lead plaintiff" is a representative party that acts on behalf
of other class members in directing the litigation. In order
to be appointed lead plaintiff, the court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members
may together serve as lead plaintiff. Your ability to share
in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Bernstein
Liebhard LLP, or other counsel of your choice, to serve as your
counsel in this action.
If you are interested in discussing your rights as an MDC
shareholder and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at
(877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. The
National Law Journal has recognized Bernstein Liebhard for
twelve consecutive years as one of the top plaintiffs' firms in the
country.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Southern
District of New York.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
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