NEW YORK, Aug. 3, 2015 /PRNewswire/ -- Attorney Advertising
-- Bronstein, Gewirtz & Grossman, LLC reminds investors
that a securities class action has been filed in the United States
District Court for the Southern District of New York on behalf of those who purchased
shares of MDC Partners, Inc. ("MDC Partners" or the "Company")
(NasdaqGS: MDCA), during the period between September 24, 2013 and April 27, 2015 inclusive. (the "Class
Period").
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 Partners' 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 Partners and its business, prospects and
operations, thus causing the Company's common stock to be
overvalued and artificially inflated.
On April 27, 2015, the Company
announced in press release its financial results for the first
quarter ended March 31, 2015.
Additionally, the Company disclosed that: (a) 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; (b) Mr. Nadal agreed to reimburse the Company
$8.6 million which the Company had
sought for reimbursement; (c) 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 (d) the
Company reassigned its Chief Accounting Officer, Michael Sabatino
to Senior Vice President, Special Projects.
Following this news, shares of MDC Partners has fallen as much
as $9.34 per share, or 33.38%, during
intraday trading to trade at $18.64
on April 28, 2015.
No Class has yet been certified in the above action. If you wish
to review a copy of the Complaint, to discuss this action, or have
any questions, please contact Peretz
Bronstein, Esq. or his Investor Relations Coordinator
Eitan Kimelman of Bronstein, Gewirtz
& Grossman, LLC at 212-697-6484 or via email info@bgandg.com.
Those who inquire by e-mail are encouraged to include their mailing
address and telephone number. If you suffered a loss in MDC
Partners you have until September 29,
2015 to request that the Court appoint you as lead
plaintiff. Your ability to share in any recovery doesn't
require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC