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Millennial Media
Class action lawsuit accuses Millennial Media of misleading investors
Class action lawsuit accuses Millennial Media of misleading investors

A class action lawsuit accuses Millennial Media executives of hiding information that reflected poorly on the company, and, once released publicly, sent the company's stock price tumbling. The Mississippi state pension system's complaint, filed in federal court in New York last week, accuses the Baltimore mobile advertising firm and its leaders of making "false and misleading statements" and failing to disclose material information that investors should have known. Two New York law firms filed the lawsuit on the pension's behalf, and are seeking more Millennial stockholders as plaintiffs. Millennial Media sold $152 million in what was considered a successful...

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