An investigation for investors in MDC Partners Inc (NASDAQ:MDCA) shares over potential securities laws violations by MDC Partners Inc was announced and NASDAQ:MDCA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (ReleaseWire) -- 05/05/2015 -- An investigation on behalf of investors of MDC Partners Inc (NASDAQ:MDCA) shares over potential securities laws violations by MDC Partners and certain of its directors and officers in connection certain financial statements was announced.
Investors who purchased shares of MDC Partners Inc (NASDAQ:MDCA) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of MDC Partners Inc (NASDAQ:MDCA) concerning whether a series of statements by MDC Partners Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
MDC Partners Inc reported that its annual Total Revenue rose from over $1.06 billion in 2013 to over $1.22 billion in 2014 and that its Net loss of $148.86 million in 2013 declined to a Net Loss of $24.06 million in 2014. Shares of MDC Partners Inc (NASDAQ:MDCA) grew from $18.21 per share in October 2014 to as high as $28.65 per share in late March 2015.
Then on April 27, 2015, MDC Partners Inc reported its results for the first quarter 2015. Among other things, MDC Partners Inc said that since October 5, 2014, it has been actively cooperating with the production of documents for review by the Securities and Exchange Commission (the "SEC") pursuant to a Subpoena and that in connection with this production of documents, MDC Partners Inc formed a Special Committee of independent directors to review certain matters relating to the reimbursement of expenses incurred by the CEO. MDC Partners Inc further stated that following the review, Mr. Nadal agreed to reimburse the Company for perquisites and payments for which the Company sought reimbursement, in the aggregate amount of $8.6 million.
Additionally MDC Partners Inc said that the Subpoena received from the SEC also requested production of documents relating to the Company's goodwill and certain other accounting practices, as well as information relating to trading in the Company's securities by third parties.
Shares of MDC Partners Inc (NASDAQ:MDCA) declined from as high as $28.62 per share on April 27, 2015, to as low as $18.00 per share on April 28, 2015.
On May 1, 2015, NASDAQ:MDCA shares closed at $2032 per share.
Those who purchased shares of MDC Partners Inc (NASDAQ:MDCA) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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