A derivative lawsuit filed in Delaware federal court Monday accused TrueCar Inc. of failing to warn investors about changes to its co-branded car-selling website with USAA, which allegedly caused the company to lose hundreds of millions of dollars in market capitalization last year.

According to the complaint, Santa Monica, California-based TrueCar, which operates an internet-based platform for car pricing, disclosed the possibility of changes as merely a risk to its bottom line for nearly a year, when in fact it knew that they were already underway.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]