|Company name||TrueCar, Inc.|
NEW YORK, October 8, 2019 – Bragar Eagel & Squire is investigating certain officers and directors of TrueCar, Inc(NASDAQ: TRUE) following a class action complaint that was filed against TrueCar on March 30, 2018.
The complaint alleges that during the class period the company made numerous positive statements concerning the company’s prospects and growth, while failing to disclose negative developments related to the United Services Automobile Association (“USAA”), its largest source of revenue. The complaint further alleges that, throughout the class period defendants made false and/or misleading statements and/or failed to disclose that: (1) that USAA had been planning significant changes to its website that would have a material adverse effect on the volume of purchases generated by USAA; (2) that USAA made significant changes to its website that would have a material adverse effect on the volume of purchases generated by USAA; (3) that the changes to USAA’s website maintained by TrueCar caused a material adverse effect on the volume of purchases generated by USAA; and (4) that, as a result of the foregoing, defendants’ statements about TrueCar’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis. On November 6, the company disclosed that USAA had made significant changes to its website during the class period that had a material adverse effect on the volume of purchases generated by USAA. On this news, TrueCar’s shares declined by $5.76 per share, or 35.25%, to close at $10.58 per share on November 7, 2017 on heavy trading volume.
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