TrueCar, Inc. (NASDAQ: TRUE)
On November 6, 2017 Defendants announced TrueCar’s third quarter 2017 financial results. They reported the Company missed its guidance of unit sales and in part attributed the shortfall to a website redesign by its largest affinity group marketing partner – USAA.
This news drove the price of TrueCar shares down $5.76, or about 35%, to close at $10.58 on November 7, 2017.
“TrueCar investors have suffered enormous losses,” said Hagens Berman partner Reed Kathrein. “We’re focused on Defendants’ statements about TrueCar’s USAA channel and their knowledge of problems before November 6, 2017.”
Whistleblowers: Persons with non-public information regarding TrueCar should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email TRUE@hbsslaw.com.
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