TrueCar, Inc. (NASDAQ: TRUE)

DEFENDANT NAME: TrueCar, Inc.
STOCK SYMBOL: NASDAQ: TRUE
CASE NUMBER:
COURT: U.S. District Court for the Central District of California
PRACTICE AREA: Investor Fraud
STATUS: Investigation
CLASS PERIOD: February 16, 2017 - November 6, 2017
LEAD PLAINTIFF DEADLINE: June 1, 2018
DATE FILED:
COURT LOCATION:
RELATED DOCUMENTS:
CONTACT:
510-725-3000 TRUE@hbsslaw.com

Hagens Berman Sobol Shapiro LLP alerts investors in TrueCar, Inc. (NASDAQ: TRUE) of the June 1, 2018 Lead Plaintiff deadline in the securities class action pending the U.S. District Court for the Central District of California.

If you purchased or otherwise acquired shares of TRUE between February 16, 2017 and November 6, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP.  For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing TRUE@hbsslaw.com.

In February 2017, Defendants made positive statements regarding their TrueCar business, and then on May 2, 2017 adopted trading plans under which officers and directors sold hundreds of thousands of shares, along with Director Steven Dietz and various Upfront limited partnerships.

On November 6, 2017, Defendants announced 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 – for which they admitted prior knowledge.  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 while insiders made off with millions,” 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 and before their insider sales in May, July and August.”

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.


Hagens Berman purchases advertisements on search engines, social media sites and other websites. Transmission of the information contained or available through this website is not intended to create, and receipt does not constitute, an attorney-client relationship. If you seek legal advice or representation by Hagens Berman, you must first enter a formal agreement. All information contained in any transmission is confidential and Hagens Berman agrees to protect information against unauthorized use, publication or disclosure. This site is regulated by the Washington Rules of Professional Conduct.

Back to all cases

Contact:

Please fill out the form below and we will get back to you as soon as we can.
 
*
*
*
*
*
*
File Upload *
Additional Information *
Send me: *
*
*
*
 

Case videos

Case Gallery

Case Timeline

04/06/18: Investigation