Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Tremor Video, Inc.
WAYNE, Pa., Nov. 22, 2013 /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 Tremor Video, Inc. ("Tremor Video") (NYSE: TRMR) common stock pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with Tremor Video's June 27, 2013 initial public stock offering (the "IPO").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/trmr
The complaint charges Tremor Video, certain of its officers and directors and the underwriters of the IPO with violations of the Securities Act of 1933. Tremor Video, headquartered in New York, New York, is a provider of technology-driven video advertising solutions for advertisers and agencies and publisher partners in the United States and internationally.
Tremor Video filed with the SEC a Registration Statement which, following several amendments and being declared effective by the SEC, was used to conduct the IPO on June 27, 2013. The complaint alleges that the Registration Statement 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. Specifically, defendants failed to disclose the following material facts which existed at the time of the IPO: (a) that the online advertising market had materially shifted towards mobile browsing, as opposed to desktop browsing, where the Company was at a significant disadvantage to its competitors; and (b) that the Company was losing sales to competitors as a result of its inferior mobile browsing capabilities.
The IPO was successful for the Company and the underwriter defendants, who sold 7.5 million shares of Tremor Video common stock to the public at $10 per share, raising approximately $75 million in gross proceeds for the Company. Yet by the time of the filing of this action, Tremor Video stock was trading at approximately $4 per share, a 60% decline from the IPO price.
If you are a member of the class, you may, no later than January 21, 2014, 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.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/trmr or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at firstname.lastname@example.org. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
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.
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