Judge: Investors Failed To Plead Actionable Misrepresentation, Scienter
Mealey's (December 11, 2015, 11:26 AM EST) -- LOS ANGELES — A federal judge in California on Dec. 9 dismissed a securities class action complaint against an Internet startup company and certain of its executive officers, ruling that lead plaintiffs in the action failed to properly plead any actionable misrepresentation or scienter in making their federal securities law claims (Satyabrata Mahapatra v. TrueCar Inc., et al., No. 15-3979, C.D. Calif.).
(Order available. Document #57-151214-059R.)
Lead plaintiffs Fernando Martinez and MacDonald Bowyer filed a first amended complaint in the U.S. District Court for the Central...