WILMINGTON, Del., Aug. 17, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of MDC Partners, Inc. (NASDAQ GS: MDCA)?
- Did you purchase your shares between September 24, 2013 and April 27, 2015, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of MDC Partners, Inc. ("MDC" or the "Company") (NASDAQ GS: MDCA) between September 24, 2013 and April 27, 2015, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased shares of MDC during the Class Period, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to email@example.com; or at: http://rigrodskylong.com/investigations/mdc-partners-inc-mdca.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on April 27, 2015, after the close of trading, the Company issued a press release reporting that the SEC had been conducting a formal investigation into the Company's reporting of executive compensation and goodwill and that MDC formed a Special Committee of independent directors to review matters relating to the reimbursement of expenses purportedly incurred by the Company's Chairman, Chief Executive Officer and President, Miles S. Nadal ("Nadal"). Further, the release stated that following the Special Committee's investigation, Nadal agreed to repay the Company $8.6 million; that the Company had adopted and implemented a series of remedial steps to improve and strengthen its internal controls and procedures; and that the SEC's investigation into the Company's accounting for goodwill and certain other accounting practices was believed to be in "an early stage."
On this news, shares in MDC plummeted over 27%, closing at $20.20 per share on April 28, 2014, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than September 29, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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