- Company Name
- Comscore, Inc.
- Stock Symbol
- Class Period
- November 8, 2018 to March 29, 2019
- Motion Deadline
- June 9, 2019
- Southern District of New York
The complaint charges Comscore and certain of its officers with violations of the Securities Exchange Act of 1934. Comscore operates as an information and analytics company that measures audiences, consumer behavior, and advertising across media platforms worldwide. The Company offers ratings and planning products and services, along with analytics and optimization products and services that provide end-to-end solutions for planning, optimization, and evaluation of advertising campaigns and brand protection.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose that the Company was experiencing difficulties implementing its business strategy, which would have a material impact on the Company’s financial results. As a result of this information being withheld from the market, Comscore securities traded at artificially inflated prices during the Class Period, with its stock price reaching a high of more than $23 per share.
Then on March 31, 2019, the Company announced the resignations of its Chief Executive Officer, Bryan Wiener, and President, Sarah Hofstetter, both of whom had been appointed to their positions less than one year before. The Company also reported that its first quarter 2019 revenue would be between $100 million and $104 million, falling short of analysts’ estimates of approximately $106 million in revenue. On April 1, 2019, the Company filed a Form 8-K with the SEC explaining that the reason its CEO, defendant Bryan Wiener, had resigned was that he “disagreed with the Company regarding the execution of [its] strategy.” On this news, the price of the Company’s stock fell $6.01 per share, or nearly 30%, to close at $14.24 per share on April 1, 2019.