A lawsuit was filed on behalf of investors in Tremor Video Inc (NYSE:TRMR) shares over alleged securities laws violations. Deadline: January 21, 2014. NYSE:TRMR investors should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 12/09/2013 -- An investor, who purchased shares of Tremor Video Inc (NYSE:TRMR), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Tremor Video Inc in connection with the Registration Statement and Prospectus issued in connection with Tremor Video’s June 27, 2013 initial public stock offering (the “IPO”).
Investors who purchased shares of Tremor Video Inc (NYSE:TRMR) have certain options and for certain investors are short and strict deadlines running. Deadline: January 21, 2014. NYSE:TRMR investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Tremor Video Inc (NYSE:TRMR) common stock pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with Tremor Video’s June 27, 2013 IPO, that Tremor Video Inc and certain of its senior executives violated the Securities Exchange Act of 1933.
Tremor Video Inc went public with its IPO in late June 2013 at $10 per share.
The plaintiff alleges that the defendants that the Registration Statement issued in connection with Tremor Video’s June 27, 2013 IPO was negligently prepared and, as a result, contained untrue statements of material facts or omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation.
More specifically, the plaintiff alleges that the defendants failed to disclose the following material facts which existed at the time of the IPO, such as that the online advertising market had materially shifted towards mobile browsing, as opposed to desktop browsing, where Tremor Video Inc was at a significant disadvantage to its competitors, and that Tremor Video Inc was losing sales to competitors as a result of its inferior mobile browsing capabilities.
Tremor Video Inc reported that its annual Total Revenue rose from $90.30 million in 2011 to $105.19 million in 2012 and that its Net Loss declined from $21.02 million in 2011 to $16.64 million in 2012.
On August 8, 2013, Tremor Video Inc reported that its quarterly Revenue rose from $24.77 million in the first quarter to $35.47 million in the the second quarter in 2013 and that its respective quarterly Net Loss declind from $5.16 million to $0.27 million.
Shares of Tremor Video Inc reached in October 2013 over $11 per share.
Then on November 7, 2013, Tremor Video Inc reported its third quarter 2013 financial results. Tremor Video Inc said that in the third quarter 2013 its Revenue was $35.3 million and its Net Loss was $2.2 million. Among other things, Tremor Video Inc also issued its guidance for the fourth quarter and full year 2013.
Shares of Tremor Video Inc dropped from $10.36 per share on November 7, 2013, to $3.69 per shares on November 13, 2013.
On December 6, 2013, NYSE:TRMR shares closed at $4.27 per share.
Those who purchased shares of Tremor Video Inc (NYSE:TRMR) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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