WAYNE, Pa., Aug. 4, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of common stock of MDC Partners Inc. ("MDC" or the "Company") (NASDAQ: MDCA) between September 24, 2013 and April 27, 2015, inclusive (the "Class Period").
MDC shareholders may, no later than September 29, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of MDC and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/mdca.
The complaint charges MDC and certain of its officers and directors with violations of the Securities Exchange Act of 1934. MDC is a holding company that provides a comprehensive range of customized marketing, activation, communications and consulting services via its subsidiaries.
The complaint alleges that during the Class Period, defendants made or caused to be made a series of materially false or misleading statements about MDC's business, executive compensation, related-party transactions, goodwill, prospects and operations. These material misstatements and omissions had the cause and effect of creating in the market an unrealistically positive assessment of MDC and its business, prospects and operations, thus causing the Company's common stock to be overvalued and artificially inflated. As a result, MDC common stock traded at artificially inflated prices and the investing public suffered damages.
On April 27, 2015, after the close of trading, MDC issued a press release announcing its financial results for the period ended March 31, 2015. The press release also reported that the Securities and Exchange Commission had been conducting a formal investigation into the Company's reporting of executive compensation and goodwill. In response to these revelations, the price of MDC common stock, which traded near the Class Period high of $28.65 per share on the last day of the Class Period, plummeted 27.8%, or $7.78 per share, from $27.98 per share on April 27, 2015 to close at $20.20 per share on April 28, 2015.
If you are a member of the class, you may, no later than September 29, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
SOURCE Ryan & Maniskas, LLP