The Shareholders Foundation announces that an investigation on behalf of investors who currently hold shares of Tremor Video Inc (NYSE:TRMR) is ongoing concerning whether certain directors and officers of Tremor Video Inc breached their fiduciary duties that caused damages to the company and NYSE:TRMR stockholders.
Investors who are current long term investors in Tremor Video Inc (NYSE:TRMR) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NYSE:TRMR stocks follows a lawsuit that was filed recently against Tremor Video Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:TRMR stock concerns whether certain Tremor Video officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that Tremor Video Inc violated the Securities Exchange Act of 1933.The plaintiff alleges that the defendants that the Registration Statement issued in connection with Tremor Video’s June 27, 2013 IPO 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 and was not prepared in accordance with the rules and regulations governing its preparation. More specifically, the plaintiff alleges that the defendants failed to disclose the following material facts which existed at the time of the IPO, such as that the online advertising market had materially shifted towards mobile browsing, as opposed to desktop browsing, where Tremor Video Inc was at a significant disadvantage to its competitors, and that Tremor Video Inc was losing sales to competitors as a result of its inferior mobile browsing capabilities.
On November 7, 2013, Tremor Video Inc reported its third quarter 2013 financial results. Tremor Video Inc said that in the third quarter 2013 its Revenue was $35.3 million and its Net Loss was $2.2 million. Among other things, Tremor Video Inc also issued its guidance for the fourth quarter and full year 2013.
Shares of Tremor Video Inc dropped from $10.36 per share on November 7, 2013, to $3.88 per shares on November 21, 2013.
On March 18, NYSE:TRMR shares closed at $4.80 per share.
Those who purchased shares of Tremor Video Inc (NYSE:TRMR) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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