TrueCar, Inc. (TRUE) Accused of Downplaying Negative Impact on Its Largest Source of Revenue

Purchasers of TrueCar, Inc. (TRUE) filed a securities class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between February 16, 2017 and November 6, 2017.  TrueCar's largest source of revenue comes from the United Services Automobile Association ("USAA").  The complaint alleges that TrueCar made positive statements about its prospects and growth while failing to disclose negative developments related to USAA's changes to the website maintained by TrueCar.  On November 6, 2017, TrueCar disclosed that the USAA Car Buying experience introduced new steps, questions, and content related to vehicle affordability before the member was linked to TrueCar's Car Buying Service, which had a negative effect on the volume of purchases generated by USAA.  On this news, TrueCar's shares fell over 35% to close at $10.58 per share on November 7, 2017, and have since fallen even lower to close at $9.33 on April 5, 2018.

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