You knew this was coming. A law firm specializing in securities law class action lawsuits is trolling for clients who bought shares in last year’s Pandora Media IPO or thereafter and have seen their investment wither.
No lawsuit has been filed yet, but the pitch to potential clients appears to be that Pandora management misled potential investors about the marketplace demand for its advertising.
Here’s the announcement from the law firm:
“Tripp Levy PLLC, a leading national securities law firm, notifies investors who purchased common shares of Pandora Media, Inc. (NYSE:P – News) (“Pandora”) on the June 15, 2011 initial public offering, or on the open market subsequent to the Offering, of potential violations of the federal securities relating to the Offering.
Pandora common shares were sold in the Offering at $16.00 per share and have traded as high as $20.04 per share. Pandora common shares are currently trading at approximately $10.60 a share, as the public markets have synthesized the true facts concerning advertiser demand for Pandora’s business.
If you purchased Pandora common shares on the Offering on June 15, 2011 or on the open market after the Offering and have sustained a realized or unrealized loss on those shares based on the current market price, and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact
Tripp Levy PLLC
125 East 82nd Street
New York, New York
Toll Free: 877-772-3975
Email: [email protected]
Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.”
RBR-TVBR observation: You can sue over anything, but do the people who lost money on the Pandora IPO really have a case? Only time (and lots of attorneys’ fees) will tell.