The Shareholders Foundation announces that an investor in NASDAQ:TRUE shares filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by TrueCar Inc in connection with certain allegedly false and misleading statements made between May 16, 2014 and May 20, 2015.
Investors who purchased shares of TrueCar Inc (NASDAQ:TRUE) have certain options and for certain investors are short and strict deadlines running. Deadline: July 27, 2015. NASDAQ:TRUE investors should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of TrueCar Inc (NASDAQ:TRUE) common shares between May 16, 2014 and May 20, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 16, 2014 and May 20, 2015 defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that TrueCar Inc’s business practices violated unfair competition and deceptive trade practice laws, that TrueCar Inc acts as a dealer and broker in car sales transactions without proper licensing, in violation of various States’ laws that govern car sales, and that as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.
On May 20, 2015, an article was published that stated that the California New Car Dealers Association filed a lawsuit against the fast-growing TrueCar auto sales service, claiming TrueCar Inc violates various laws that govern car sales in the state. The article also said that the lawsuit, filed in Los Angeles County Superior Court, claimed that TrueCar Inc acts as a dealer and broker in car sales transactions but doesn’t have the proper licensing for the business. TrueCar Inc issued a statement on May 20, 2015, saying that it is confident it can demonstrate the compliance of its business model with California Law.
Those who purchased shares of TrueCar Inc (NASDAQ:TRUE) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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