NEW YORK, Nov. 28, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of comScore, Inc. ("comScore" or the "Company") (NASDAQ: SCOR). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether comScore and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On March 7, 2016, pre-market, comScore announced that the Company was delaying its annual report and suspending its share repurchase program. The Company stated that comScore's audit committee was conducting an internal review and did not expect to finish before the annual report deadline of March 15, 2016.
On this news, comScore stock fell $13.67, or 33.58%, to close at $27.04 on March 7, 2016.
On November 23, 2016, post-market, comScore announced the resignations of the Chairman of the Company's Board and the Chair of the Board's Nominating and Governance Committee on November 17, 2016. The Company also announced the results of an internal investigation concerning "matters related to the Company's revenue recognition practices, disclosures, internal controls, corporate culture, and certain employment practices." comScore's Audit Committee, with external counsel and forensic accountants, concluded that "the Company cannot support the prior accounting for the nonmonetary transactions recorded by the Company during the years ended December 31, 2013, 2014 and 2015, and accordingly, revenue and expenses associated with all nonmonetary transactions during these periods is being reversed and accounted for at historical cost rather than at fair value." Among other issues, the Audit Committee's investigation also identified concerns regarding internal control deficiencies. The Company advised investors that "there may be additional accounting adjustments and such adjustments may be material."
On this news, comScore's share price fell $1.55, or 5.11%, to close at $28.94 on November 25, 2016.
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 80 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