Le Lézard
Classified in: Transportation
Subject: ATY

Investor Update: Kaplan Fox Continues Investigation Of TrueCar, Inc.


NEW YORK, March 16, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is continuing its investigating of potential claims on behalf of investors of TrueCar, Inc. ("TrueCar" or the "Company") (NASDAQ: TRUE) for violations of the federal securities laws.  Investors who purchased TrueCar common stock may be affected.

On or about April 27, 2017, TrueCar and other selling shareholders sold 9 million shares at $16.50 per share in a secondary common stock offering (the "Offering") for gross proceeds of over $148 million.

On August 8, 2017, TrueCar issued a press release reporting second quarter 2017 financial results and said that revenues for the third quarter ending September 30, 2017 were expected to be in the range of $85 million to $87 million.

However, on November 6, 2017 after the market closed, TrueCar issued its third quarter 2017 financial results and reported third quarter revenue of only $82.4 million.  During the conference call that followed, the Company attributed the surprise sales miss, in part, to the fact that USAA, its most important channel partner that generates about 30% of total unit sales, had undergone a significant website redesign which impacted traffic and close rates.  As a result, TrueCar experienced a 5% decline in unit sales from USAA during the quarter.  Following this news, TrueCar's shares plummeted by $5.76 per share, more than 35%, to close at $10.58 per share on November 7, 2017, significantly lower than the Offering price of $16.50 per share on April 27, 2017.

On February 2, 2018, TrueCar disclosed the unexpected resignation of its Chief Financial Officer, Michael Guthrie, for personal reasons effective as of the prior day.  Following this news, TrueCar's shares declined by $0.50 per share, more than 4%, to close at $11.25 per share.

As of the closing of the market on March 16, 2018, TrueCar shares closed at $10.80 per share.

If you are an investor in TrueCar and would like to discuss our investigation, please contact us by emailing [email protected] or by calling 800-290-1952.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, the action, your rights, or your interests, please contact:

Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California  94104
(415) 772-4700
Fax:  (415) 772-4707
E-mail: [email protected]

SOURCE Kaplan Fox & Kilsheimer LLP


These press releases may also interest you

at 06:17
NEI Global Relocation's latest whitepaper, "2024 Relocation Trends | Manufacturing," provides a compelling look into how innovative relocation strategies are crucial for the manufacturing sector's talent acquisition and retention efforts. This comes...

at 05:30
Cato Networks, the SASE leader, announced a new SASE throughput record here at the Porsche Studio Ginza ahead of the 2024 Tokyo E-Prix, achieving 10 Gbps without hardware upgrades. At 10 Gbps, Cato became the first SASE platform to compete not only...

at 04:00
U Power Limited (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced that the Company held an extraordinary general meeting of...

at 03:22
A news report from iChongqing: In 2014, Chinese President Xi Jinping and Germany's then Vice Chancellor and Minister of Economics and Energy, Sigmar Gabriel, witnessed the arrival of the YUXINOU (Chongqing-Xinjiang-Europe) train in Duisburg, Germany....

at 02:00
- Hoping Guests Will Experience New Value of Traveling in Japan - Sumitomo Fudosan Villa Fontaine Co., Ltd., a Sumitomo Realty Group, has begun offering guestrooms featuring Japan Airlines, a major Japanese carrier, Hatsune Miku, LINE FRIENDS, and...

28 mar 2024
On Tuesday March 26, 2024, DeLorean Motor Company, represented by intellectual property and entertainment attorney, Roger N. Behle, Jr. of Foley Bezek Behle & Curtis, filed documents in California federal court announcing the settlement of DeLorean...



News published on and distributed by: