SAN DIEGO and NEW YORK, Jan. 27, 2015 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Tremor Video, Inc. (NYSE: TRMR) breached their fiduciary duties to shareholders. Tremor provides an in-stream video ad network for Internet-connected devices such as computers, smartphones, and tablets.
Robbins Arroyo LLP's investigation focuses on allegations that Tremor improperly touted its business in the Registration Statement and Prospectus filed with the U.S. Securities and Exchange Commission in connection with the company's June 27, 2013 initial public offering. Specifically, Tremor failed to disclose that the online advertising market had shifted from desktop browsing, where the company focused, to mobile browsing, a market in which Tremor was at a significant disadvantage and a major factor in the company's poor third quarter financial results. On November 7, 2013, Tremor released its third quarter 2013 financial results reporting a net loss of $2.2 million. On this news, the company's stock declined $4.54 per share, or 49%, to close at $4.72 per share on November 8, 2013. Tremor's stock price has continued to decline and now trades significantly below the price it traded at prior to this announcement.
In light of this news, Robbins Arroyo LLP is investigating whether Tremor's board of directors breached its fiduciary duties to shareholders by lacking adequate internal controls.
Tremor Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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Contact: Darnell R. Donahue Robbins Arroyo LLP 600 B Street, Suite 1900 San Diego, Ca 92101 [email protected] (619) 525-3990 or Toll Free (800) 350-6003