An investigation for investors in ComScore, Inc. (NASDAQ:SCOR) shares over potential securities laws violations by ComScore, Inc. was announced and NASDAQ:SCOR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/14/2016 -- An investigation on behalf of investors of ComScore, Inc. (NASDAQ:SCOR) shares was announced over potential securities laws violations by ComScore, Inc. in connection certain financial statements.
Investors who purchased shares of ComScore, Inc. (NASDAQ:SCOR), have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm focuses on whether a series of statements by ComScore, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On March 7, 2016, 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 March 10, 2016, a lawsuit was filed against comScore, Inc over alleged securities laws violations. The plaintiff claims that the defendants made certain allegedly false and/or misleading statements and/or allegedly failed to disclose that the Company's accounting practices were not in compliance with applicable SEC regulations, that the Company lacked adequate internal controls over accounting, 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 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. In October 2016 an amended complaint was filed.
On November 23, 2016, ComScore, Inc 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. ComScore, Inc 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. ComScore, Inc advised investors that "there may be additional accounting adjustments and such adjustments may be material."
Those who purchased shares of ComScore, Inc. have certain options and should contact the Shareholders Foundation.
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