SAN FRANCISCO, January 7, 2021 / PRNewswire / – Hagens Berman has notified Magnite, Inc. (NASDAQ: MGNI) investors of an investigation into possible violations of the Securities Act. Magnite investors are encouraged to file their losses now. The company also encourages those who may be able to assist with the investigation to contact the company.
Contact an attorney now: [email protected]
Investigation by Magnite, Inc. (MGNI):
The investigation is focused on whether Magnite will inform investors about the company’s financial reporting, Connected TV (“CTV”) inventory, and other matters following the company’s inception in 2020 through the merger of Telaria Inc. and Rubicon Project Inc. into the Has led astray.
On January 7, 2020Research firm Spruce Point Capital Management released a report stating: “[w]We believe investors are being misled by Magnite’s growth outlook and seeing a downtrend of 25% to 50%. “According to Spruce Point”[m]All customer interviews show that Magnite does not currently have much high quality CTV inventory. “Spruce Point also believes that Magnite’s financial reporting does not accurately reflect the soundness of its business and may hide Telaria’s struggles.”
In response, Magnite shares fell sharply.
“We are focused on investor losses and whether Magnite has masked business challenges with inaccurate financial reporting,” he said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are a Magnite investor or have information that may aid our investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Individuals with nonpublic information about Magnite should review their options to help with the investigation or use the SEC whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Please call for more information Reed Kathrein at 844-916-0895 or by email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities across the country and eighty attorneys. The firm represents investors, whistleblowers, employees and consumers in complex legal disputes. More information about the company and its achievements can be found at hbsslaw.com. For the latest news, visit our newsroom or follow us on Twitter @classactionlaw.
SOURCE Hagens Berman Sobol Shapiro LLP