NEW YORK, May 21, 2015 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of TrueCar, Inc. ("TrueCar" or the "Company") (NASDAQ: TRUE). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 237.
The investigation concerns whether TrueCar and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On May 20, 2015, an article published in the Los Angeles Times reported that "California New Car Dealers Association filed a lawsuit against the fast-growing TrueCar auto sales service, claiming the Santa Monica company violates various laws that govern car sales in the state.
The suit, filed in Los Angeles County Superior Court on Wednesday, claimed that TrueCar acts as a dealer and broker in car sales transactions but doesn't have the proper licensing for the business."
On this news, shares of TrueCar fell $1.04 per share to $13.99, or more than 6.9%, on May 20, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP