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TRUECAR INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates the Officers and Directors of TrueCar, Inc. - TRUE
[February 08, 2019]

TRUECAR INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates the Officers and Directors of TrueCar, Inc. - TRUE


Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into TrueCar, Inc. (NasdaqGS: TRUE).

On November 6, 2017, TrueCar disclosed that USAA, its most significant marketing partner responsible for nearly one-third of the Company's revenue, had made significant changes to its website that had a material adverse effect on TrueCar's sales. Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information, violating federal securities laws.

Recently, the court presiding over the case denied the Company's motion to dismiss, allowing the case to proceed, finding that plaintiff had sufficiently alleged "that Defendants made materially false and misleading statements by making risk statements regarding TrueCar's reliance on USAA's website without alerting the public that the risk had already come to fruition and by falsely representing that USAA would be a key driver of unit and revenue growth in 2017"; that "Defendants knew about USA's website redesign and its impact as of January 2017," and "that [former Chief Financial Officer] Guthrie and [Chief Accounting Officer] Pierantoni sold TrueCar stock in sales that were suspicious…."



KSF's investigation is focusing on whether TrueCar's officers and/or directors breached their fiduciary duties to TrueCar's shareholders or otherwise violated state or federal laws.

If you have information that would assist KSF in its investigation, or have been a long-term holder of TrueCar shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-true/ to learn more.


About Kahn Swick & Foti, LLC

KSF, whose partners include Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.

To learn more about KSF, you may visit www.ksfcounsel.com.


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