INVESTOR ALERT: Class Action Lawsuit Against Millennial Media Inc. Announced by Glancy Binkow & Goldberg LLP
Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising purchasers of the common stock of Millennial Media Inc. (“Millennial Media” or the “Company”) (NYSE:MM) between March 28, 2012 and May 7, 2014, inclusive (the “Class Period”), including purchases pursuant and/or traceable to the Company’s March 28, 2012, initial public offering (the “IPO”) and October 24, 2012, Secondary Offering.
Please contact Lesley Portnoy at 888-773-9224 or 310-201-9150, or at email@example.com to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
Millennial Media provides mobile advertising solutions to advertisers and developers in the United States and internationally. The Complaint alleges that defendants issued false and misleading statements or failed to disclose material information regarding the Company’s business, operations and financial prospects, including that: (1) technological products and services crucial to the Company’s business model were not fully functional when announced; (2) corporate acquisitions the Company undertook during the Class Period did not offer the business synergies claimed by the Company; (3) difficulties with the integration of acquisitions were misrepresented; (4) defendants’ statements concerning the company’s outlook and prospects were materially false at all relevant times; and (5) certain defendants misrepresented and failed to disclose material adverse information in connection with the sale of more than $152 million of common stock in the Company’s IPO and more than $162 million of common stock in the Secondary Offering.
When a series of disclosures revealed the true state of Millennial Media’s technology, acquisitions and outlook, and following the resignation of the Company’s chief financial officer to “pursue other career interests,” Millennial Media’s stock price dropped more than 86% from its Class Period high.
If you are a member of the Class described above, you may move the Court no later than December 1, 2014, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at 310-201-9150, by e-mail to firstname.lastname@example.org, 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.
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