Federman & Sherwood Announces That a Securities Class Action Lawsuit Has Been Filed Against Tremor Video, Inc. (NYSE: TRMR)
(firmenpresse) - OKLAHOMA CITY, OK -- (Marketwired) -- 11/27/13 -- On November 22, 2013, a class action lawsuit was filed in the United States District Court for the Southern District of New York against Tremor Video, Inc. (NYSE: TRMR). The complaint alleges violations of the Securities Exchange Act, including allegations of issuing a series of material or false misrepresentations to the market relating to the Company's Registration Statement and Prospectus issued in connection with the June 27, 2013 initial public stock offering (the "IPO"). The Complaint alleges that the Registration Statement was negligently prepared and, as a result, contained untrue statements of material facts or omitted to state other facts necessary to make the statements made not misleading. Specifically, the Company failed to disclose the following material facts which existed at the time of the IPO: (a) that the online advertising market had materially shifted towards mobile browsing, as opposed to desktop browsing, which put the Company at a significant disadvantage to its competitors; and, (b) that the Company was losing sales to its competitors as a result of its inferior mobile browsing capabilities.
The IPO was successful for the Company and the underwriter defendants, who sold 7.5 million shares of the Company's common stock to the public at $10 per share, raising approximately $75 million in gross proceeds for the Company. Yet, by the time of filing this action, the stock was trading at approximately $4 per share, a 60% decline from the IPO price.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact:
K. Lynn Nunn
FEDERMAN & SHERWOOD
10205 North Pennsylvania Avenue
Oklahoma City, OK 73120
Email to:
Or, visit the firm's website at
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Datum: 27.11.2013 - 15:02 Uhr
Sprache: Deutsch
News-ID 1287573
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