GPM Announces the Filing of a Securities Class Action on Behalf of MDC, Inc. Investors
August 28 2015 - 12:00PM
Business Wire
Glancy Prongay & Murray LLP
(“GPM”) announces the filing of a class action lawsuit on behalf of
investors of MDC Partners, Inc. ("MDC" or the "Company")
(NASDAQ:MDCA) who purchased shares between September 24, 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.
MDC provides a comprehensive range of customized marketing,
activation, communications and consulting services. 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, have
information or would like to learn more about these claims, or have
any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Casey
Sadler, of GPM, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
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/20150828005472/en/
Glancy Prongay & Murray, Los AngelesCasey Sadler,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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