An investigation on behalf of investors in Millennial Media, Inc. , who purchased their NYSE:MM on October 24, 2014 was announced and those NYSE:MM stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 12/01/2014 -- An investigation on behalf of investors in shares of Millennial Media, Inc., who purchased their NYSE:MM on October 24, 2012, concerning possible violations of securities laws in connection with the stock offering in October 2012 was announced.
Investors who purchased their Millennial Media, Inc. (NYSE:MM) shares on October 24, 2012, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for investors in Millennial Media, Inc. who purchased their NYSE:MM on shares on October 24, 2012 follows a lawsuit filed against Millennial Media, Inc. over alleged securities laws violations. The investigation concerns whether certain statements made in the stock offering in October 2012 was materially false or misleading.
According to that complaint filed in the U.S. U.S. District Court for the Southern District of New York the plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that alleges that certain defendants made allegedly false and misleading statements and concealed material information relating to, among other things, the development and functionality of crucial technological products, the business synergies and integration progress of certain corporate acquisitions, and the prospects and outlook for Millennial Media, Inc.'s performance.
On May 7, 2014 Millennial Media, Inc. reported its 2014 First Quarter financial results. Among other things, Millennial Media issued its business outlook for the second quarter 2014. Millennial Media said it expects total revenue for the second quarter of 2014 to be in the range of $70 million to $75 million and Adjusted EBITDA to be a loss between $(5) million and $(6) million. Shares of Millennial Media, Inc. (NYSE:MM) declined from $$6.39 per share on April 30, 2014 to $3.36 per share on May 8, 2014, and continued to decline to as low as $1.68 per share on September 30, 2014.
On November 26, 2014, NYSE:MM shares closed at $1.75 per share.
Those who purchased shares of Millennial Media, Inc. (NYSE:MM) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com