The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Tremor Video Inc (NYSE:TRMR) shares was launched over potential breaches of fiduciary duties by certain officers and directors at Tremor Video.
Investors who purchased shares of Tremor Video Inc (NYSE:TRMR) and currently hold any of those NYSE:TRMR shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Tremor Video officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
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 (NYSE:TRMR) dropped from $10.36 per share on November 7, 2013, to $3.88 per shares on November 21, 2013.
On November 22, 2013, a lawsuit was filed against Tremor Video over alleged Securities Laws Violations. The plaintiff alleges 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. Shares of Tremor Video Inc (NYSE:TRMR) declined to as low as $2.07 per share in October 2014.
On February 10, 2015, NYSE:TRMR shares closed at $2.09 per share.
Those who purchased shares of Tremor Video Inc (NYSE:TRMR) 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