Update in Lawsuit for Investors in shares of ComScore, Inc. (NASDAQ:SCOR) announced by Shareholders Foundation
December 06 2016 - 9:45AM
The Shareholders Foundation, Inc. announces that a lawsuit is
pending in New York on behalf of certain purchasers of shares of
ComScore, Inc. (NASDAQ:SCOR) over alleged Securities Laws
Violations by ComScore.
Investors who purchased shares of ComScore, Inc. (NASDAQ:SCOR)
have certain options and should contact the Shareholders Foundation
at mail@shareholdersfoundation.com or call +1(858) 779 -
1554.
The lawsuit was initially filed in March 2016. The plaintiff
claims that the defendants made certain allegedly false and/or
misleading statements and/or allegedly 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’s business, operations, and
prospects, were false and misleading and/or lacked a reasonable
basis. In October 2016 an amended complaint was filed.
On November 23, 2016, ComScore, Inc announced the resignations
of the Chairman of the Company's Board and the Chair of the Board's
Nominating and Governance Committee on November 17, 2016. ComScore,
Inc also announced the results of an internal investigation
concerning "matters related to the Company's revenue recognition
practices, disclosures, internal controls, corporate culture, and
certain employment practices." ComScore's Audit Committee, with
external counsel and forensic accountants, concluded that "the
Company cannot support the prior accounting for the nonmonetary
transactions recorded by the Company during the years ended
December 31, 2013, 2014 and 2015, and accordingly, revenue and
expenses associated with all nonmonetary transactions during these
periods is being reversed and accounted for at historical cost
rather than at fair value." Among other issues, the Audit
Committee's investigation also identified concerns regarding
internal control deficiencies. ComScore, Inc advised investors that
"there may be additional accounting adjustments and such
adjustments may be material."
Those who purchased ComScore, Inc. (NASDAQ:SCOR) shares have
certain options and should contact the Shareholders Foundation,
Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858)
779-1554.
The Shareholders Foundation, Inc. is a professional portfolio
legal monitoring and a settlement claim filing service, which does
research related to shareholder issues and informs investors of
securities class actions, settlements, judgments, and other legal
related news to the stock/financial market. The Shareholders
Foundation, Inc. is not a law firm. The information is provided as
a public service. It is not intended as legal advice and should not
be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108