NEW YORK, Nov. 26, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in United States District Court for the District of New York, on behalf of all persons who purchased Tremor Video, Inc. ("Tremor Video" or the "Company") (NYSE:TRMR) stock pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with Tremor Video's June 27, 2013 initial public stock offering (the "IPO"). The action charges Tremor Video, certain of its officers and directors and the underwriters of the IPO with violations of the Securities Act of 1933.
The Complaint alleges that that the Company's Registration Statement 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. Specifically, the Complaint alleges that Defendants failed to disclose the following material facts which existed at the time of the IPO: (a) that the online advertising market had materially shifted towards mobile browsing, as opposed to desktop browsing, where the Company was at a significant disadvantage to its competitors; and (b) that the Company was losing sales to competitors as a result of its inferior mobile browsing capabilities.
If you wish to serve as lead plaintiff, you must move the Court no later than January 21, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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Source:Gainey McKenna& Egleston