ComScore Inc (NASDAQ: SCOR) Investor Securities Class Action Lawsuit 03/10/2016

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Company Name(s): 
comScore
Case Name: 
ComScore Shareholder Class Action Lawsuit 03/10/2016
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: SCOR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/10/2016
Class Period Begin: 
02/11/2014
Class Period End: 
11/23/2016
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
05/09/2016
Date Settled: 
01/29/2018
Settlement Amount: 
$110,000,000
Deadline to Participate in Settlement: 
05/29/2018
Settlement Notice: 
Settlement Proof: 
Summary: 

The settlement includes all persons or entities who or which (i) purchased or otherwise acquired ComScore Inc common stock during the period from February 11, 2014 through November 23, 2016, inclusive; (ii) held the common stock of Rentrak as of December 10, 2015 and were entitled to vote on the Merger between ComScore Inc and Rentrak consummated on January 29, 2016; or (iii) acquired shares of ComScore Inc common stock issued pursuant to the Registration Statement on Form S-4 filed with the SEC on October 30, 2015 and subsequently amended, and who were damaged thereby.

The settlement amount of $110,000,000 consists of:
- $27,231,527.20 to be paid in cash
- $82,768,472.80 to be paid in shares of comScore common stock.

June 7, 2018 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

January 29, 2018 - The court preliminarily approved the settlement.

January 12, 2018 - Parties filed a stipulation of settlement.

July 28, 2017 - The court denied defendants' motions to dismiss.

March 13, 2017 - Defendants filed motions to dismiss.

January 13, 2017 - The lead plaintiffs filed a second amended consolidated complaint on behalf of investors who purchased ComScore Inc (NASDAQ: SCOR) common shares between February 11, 2014 and November 23, 2016. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 11, 2014 and November 23, 2016.

December 9, 2016 - Defendants filed a motion to dismiss.

October 19, 2016 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased ComScore Inc (NASDAQ: SCOR) common shares between February 11, 2014 and March 7, 2016. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 11, 2014 through March 7, 2016.

July 19, 2016 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

March 10, 2016 - An investor in shares of ComScore Inc (NASDAQ: SCOR) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by ComScore Inc in connection with certain allegedly false and misleading statements made between May 5, 2015 and March 7, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of ComScore Inc (NASDAQ: SCOR) common shares between May 5, 2015 and March 7, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 5, 2015 and March 7, 2016 the Defendants made false and/or misleading statements and/or 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 Inc’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

ComScore Inc reported that its annual Total Revenue rose from $329.15 million in 2014 to $368.82 million in 2015 and that its Net Loss declined from $9.90 per share in 2014 to $6.76 million in 2015.

On March 5, 2016, ComScore Inc’s Audit Committee advised the Company’s Board of Directors that it did not expect to finalize its review of the Company’s financial reports before March 15, 2016, and the Company cannot publish its annual report on time. Additionally, on March 5, 2016, ComScore Inc’s Board of Directors decided to suspend the company’s previously announced share repurchase program.

Shares of ComScore Inc (NASDAQ: SCOR) declined on March 7, 2016, to as low as $26.21 per share.

On March 10, 2016, NASDAQ: SCOR shares closed at $27.22 per share.