Deadline Alert: The Law Offices of Howard G. Smith Announces The Filing Of A Securities Class Action On Behalf Of MDC, Inc. I...
August 03 2015 - 10:30PM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed on behalf of investors of MDC Partners, Inc.
("MDC" or the "Company") (NASDAQ:MDCA) who purchased shares between
September 23, 2013 and April 27, 2015, inclusive (the “Class
Period”) and have been damaged by the recent declines in the
Company’s stock price. MDC investors have until September 29,
2015 to file a lead plaintiff motion. Investors who suffered
losses in excess of $50,000 are encouraged to contact the Law
Offices of Howard G. Smith to discuss their legal rights.
The complaint alleges that MDC and certain of its executives
failed to disclose material information to investors in violation
of federal securities laws, including information regarding MDC's
business, executive compensation, related-party transactions,
goodwill, prospects and operations. On April 27, 2015, MDC
reported 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. When the truth was revealed to investors, the price
of MDC’s shares declined sharply, by $7.78 per share or nearly 30%,
thereby damaging investors.
If you purchased shares of MDC during the Class Period you may
move the Court no later than September 29, 2015 to ask the
Court to appoint you as lead plaintiff if you meet certain legal
requirements. To be a member of the Class you need not take any
action at this time; you may retain counsel of your choice or take
no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20150803006472/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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