NEW ORLEANS, April 29, 2015 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into MDC Partners Inc. (NasdaqGS: MDCA).
On April 27, 2015, MDC disclosed that in October 2014 it had received a subpoena from the Securities and Exchange Commission and is "actively cooperating" with the SEC, which is investigating the Company related to expenses incurred by its CEO Miles Nadal, as well as accounting, goodwill and trading of the company's stock by third parties. MDC stated that it formed a special committee to investigate the accusations with particular emphasis on perquisites and payments made to CEO Nadal between 2009 and 2014 and that, as a result of the review, Nadal has agreed to reimburse the company for $8.6 million related to certain incomplete expenses.
On this news, the price of MDC's shares plummeted by 28% and was downgraded by multiple analysts.
KSF's investigation is focusing on whether MDC and/or its officers and directors violated state or federal securities laws.
If you are a MDC shareholder who has suffered losses related to your investment or have information that would assist KSF in its investigation, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York, California and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
206 Covington St.
Madisonville, LA 70447
SOURCE Kahn Swick & Foti, LLC