San Diego, CA -- (SBWIRE) -- 10/06/2014 -- The Shareholders Foundation announces that an investor, who purchased shares of Millennial Media, Inc. (NYSE:MM), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Millennial Media, Inc. in connection with certain allegedly false and misleading statements made between March 28, 2012 and May 7, 2014.

Investors who purchased shares of Millennial Media, Inc. (NYSE:MM) have certain options and for certain investors are short and strict deadlines running. Deadline: December 1, 2014. NYSE:MM investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The lawsuit was filed on behalf of those who purchased or otherwise acquired between March 28, 2012 and May 7, 2014, the common stock of Millennial Media, Inc. (NYSE:MM), as well as those who purchased the common stock of Millennial Media, Inc. (NYSE:MM) pursuant and/or traceable to registered public offerings on or about March 28, 2012 (the Company's initial public offering, or "IPO") and October 24, 2012 (the "Secondary Offering").

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.

In addition, the plaintiff alleges that certain defendants made false and misleading statements and failed to disclose material adverse information in offering documents filed with the U.S. Securities and Exchange Commission in connection with the sale of more than $152 million of common stock in the Company's IPO on March 28, 2012 and more than $162 million of common stock in the Company's Secondary Offering on October 24, 2012.

Millennial Media, Inc. reported that its annual Total Revenue rose from $103.68 million in 2011 to $259.17 million in 2013 while its respective Net Loss increased from $0.29 million to $15.11 million. Shares of Millennial Media, Inc. (NYSE:MM) declined from $23.50 per share on March 30, 2012 to as low as $5.89 per share in February 2014.

Then 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 October 2, 2014, NYSE:MM shares closed at $1.96 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