TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying and selling mobile marketplace, today announced that it intends to vigorously defend against the claims made in a putative securities class action lawsuit filed yesterday against the company and two of its officers in the United States District Court for the Central District of California.
The complaint is based, in large part, on allegations in two separate lawsuits that the company is currently defending in other forums. TrueCar’s management team has reviewed the complaint, and believes the allegations are meritless.
“Disruptive technology and business models like Uber, Airbnb, and now TrueCar, have been challenged on many fronts, including legal,” said Johnny Stephenson, TrueCar’s Chief Risk Officer. “It is an unfortunate and unavoidable byproduct of innovation, but it will not distract our focus away from developing products and services that improve the car-buying experience for consumers and our nearly 11,000 Dealer Partners.”
