RADNOR, Pa., March 21, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against comScore, Inc. (Nasdaq: SCOR) ("comScore" or the "Company") on behalf of purchasers of the Company's securities between May 5, 2015 and March 7, 2016, inclusive (the "Class Period").
comScore shareholders who purchased their securities during the Class Period may, no later than May 9, 2016, petition the Court to be appointed as a lead plaintiff representative of the class.
comScore shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at email@example.com. For additional information about this lawsuit, or to request information about this action online, please visit https://www.ktmc.com/new-cases/comscore-inc.
comScore provides data, metrics, products, and services to clients in the media, advertising, and marketing industries.
The shareholder class action complaint alleges that comScore and certain of its executive officers made a series of false and misleading statements, and failed to disclose material adverse facts to investors regarding the Company's business, operations and prospects. As detailed in the complaint, the defendants are alleged to have made false and misleading statements and failed to disclose: (1) that the Company's accounting practices were not in compliance with applicable SEC regulations; (2) that the Company lacked adequate internal controls over accounting; (3) that, as such, the Company would be unable to file its Form 10-K for the fiscal year ended December 31, 2015 in a timely manner; and (4) that, as a result of the foregoing, the Company's financial statements, as well as Defendants' statements about comScore's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On February 29, 2016, the Company reported that it would be unable to file its Form 10-K 2015 Annual Report with the SEC on time because it "require[d] additional time to prepare its financial statements and complete the external audit of those statements included in the Form 10-K." The Company further disclosed that its Audit Committee had commenced a review of certain accounting matters "with the assistance of independent counsel and advisors."
On March 7, 2016, comScore reported that its Audit Committee had advised that it did not expect to finalize its review of potential accounting issues before March 15, 2016. Additionally, the Company announced that it was suspending its share repurchase program. Following this news, comScore's stock declined $13.67 per share, or 33.5%, to close on March 7, 2016 at $27.04 per share, on heavy trading volume.
comScore shareholders who purchased their securities during the Class Period (May 5, 2015 – March 7, 2016) may, no later than May 9, 2016, petition the Court to be appointed as a lead plaintiff representative of the class.
Members of the purported class may petition the Court to be appointed as a lead plaintiff representative through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
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SOURCE Kessler Topaz Meltzer & Check, LLP