Glancy
Prongay & Murray LLP (“GPM”)
announces the filing of a class action lawsuit on behalf of investors of
MDC Partners, Inc. ("MDC" or the "Company") (NASDAQ:MDCA) who purchased
shares between September 24, 2013 and April 27, 2015, inclusive (the
“Class Period”) and have been damaged by the recent declines in the
Company’s stock price. MDC investors have until September 29, 2015 to
file a lead plaintiff motion.
MDC provides a comprehensive range of customized marketing, activation,
communications and consulting services. The complaint alleges that MDC
and certain of its executives failed to disclose material information to
investors in violation of federal securities laws, including information
regarding MDC's business, executive compensation, related-party
transactions, goodwill, prospects and operations. On April 27, 2015, MDC
reported that (1) on October 5, 2014, it had received a subpoena from
the Securities and Exchange Commission (the "SEC") related to the
reimbursement of expenses incurred by CEO Miles Nadal, the Company's
goodwill, and certain other accounting practices; (2) as a result of an
investigation by Special Committee of independent directors formed in
response to the subpoena Mr. Nadal had agreed to reimburse the Company
$8.6 million; and (3) during the fiscal quarter the Company incurred
approximately $5.8 million in legal fees and other related expenses
related to the SEC inquiry. When the truth was revealed to investors,
the price of MDC’s shares declined sharply, by $7.78 per share or nearly
30%, thereby damaging investors.
If you purchased shares of MDC during the Class Period, have information
or would like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with respect to
these matters, please contact Casey Sadler, of GPM, 1925 Century Park
East, Suite 2100, Los Angeles, California 90067 at 310-201-9150,
Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150828005472/en/
Copyright Business Wire 2015