EQUITY ALERT: The Rosen Law Firm Announces the Filing of a Securities Class Action Lawsuit Against MDC Partners, Inc.
July 31 2015 - 8:25PM
Business Wire
The Rosen Law Firm, a global investor rights firm, announces
that a class action lawsuit has been filed on behalf of purchasers
of MDC Partners Inc. (NASDAQ: MDCA) securities during the period
from September 24, 2013 through April 27, 2015 inclusive (the
“Class Period”). The lawsuit seeks to recover damages for MDC
Partners Inc. investors under the federal securities laws.
To join the MDC Partners Inc. class action, go to the firm’s
website at http://www.rosenlegal.com/cases-595.html or call Phillip
Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email
pkim@rosenlegal.com or kchan@rosenlegal.com for information on the
class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges that during the Class Period, defendants
made or caused to be made a series of materially false or
misleading statements about MDC’s business, executive compensation,
related-party transactions, goodwill, prospects and operations.
These material misstatements and omissions had the cause and effect
of creating in the market an unrealistically positive assessment of
MDC and its business, prospects and operations, hence causing the
Company’s common stock to be overvalued and artificially inflated.
Consequently, MDC common stock traded at artificially elevated
prices and shareholders sustained damages.
On April 27, 2015, the Company announced in a press release its
financial results for the first quarter ended March 31, 2105. The
Company also announced that: (1) since October 5, 2014, the Company
has been actively cooperating with an SEC investigation relating to
the reimbursement of expenses incurred by the CEO, Miles Nadal; (2)
Mr. Nadal agreed to reimburse the Company $8.6 million which the
Company had sought for reimbursement; (3) during the quarter ended
March 31, 2015, the Company incurred approximately $5.8 million in
legal fees and other related expenses relating to the SEC inquiry;
and (4) the Company reassigned its CFO, Michael Sabatino, to a new
role in the Company. On this news, shares of MDC Partners fell
$9.09 per share to close at $18.89 on April 28, 2015.
A class action lawsuit has already been filed. If you wish to
serve as lead plaintiff, you must move the Court no later than
September 29, 2015. A lead plaintiff is a representative party
acting on behalf of other class members in directing the
litigation. If you wish to join the class action and recover your
losses, go to the firm’s website at
http://www.rosenlegal.com/cases-595.html or to discuss your rights
or interests regarding this class action, please contact Phillip
Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at
866-767-3653 or via e-mail at pkim@rosenlegal.com or
kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
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version on businesswire.com: http://www.businesswire.com/news/home/20150731005894/en/
The Rosen Law Firm, P.A.Laurence Rosen, Esq.Phillip Kim,
Esq.Kevin Chan, Esq.275 Madison Avenue, 34th FloorNew York, NY
10016Tel: (212) 686-1060Toll Free: (866) 767-3653Fax: (212)
202-3827lrosen@rosenlegal.compkim@rosenlegal.comkchan@rosenlegal.comwww.rosenlegal.com
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