TrueCar Settles For $28M In Site Redesign Stock-Drop Suit

Law360 (August 5, 2019, 7:40 PM EDT) -- Auto pricing website TrueCar has agreed to pay investors nearly $28.3 million to settle claims its stock took a hit because the company didn't disclose the site’s revamp would slow down sales, according to a court document filed Friday in California federal court.

Investors said Friday the settlement was a victory for plaintiffs who lost funds because of the drop in stock value.

“This settlement is an excellent result because it provides the settlement class with genuine relief under difficult legal and practical circumstances,” they said.

Plaintiffs believed that further argument in the case could result in the decertification of the...

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