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SAN FRANCISCO, Jan. 7, 2021 /PRNewswire/ -- Hagens Berman notifies investors in Magnite, Inc. (NASDAQ: MGNI) of the firm's investigation into possible securities law violations. Magnite investors are encouraged to submit their losses now. The firm also encourages persons who may be able to assist the investigation to contact the firm.
Magnite, Inc. (MGNI) Investigation:
The investigation centers on whether Magnite misled investors about the company's financial reporting, connected TV ("CTV") inventory, and other matters after the company was formed in 2020 through the merger of Telaria Inc. and Rubicon Project Inc.
On Jan. 7, 2020, research firm Spruce Point Capital Management published a report stating, "[w]e believe investors are being misguided by Magnite's growth prospects, and see 25%-50% downside." According to Spruce Point "[m]ultiple customer interviews all tell us that Magnite does not have much quality CTV inventory to currently sell." Spruce Point also "believes that Magnite's financial reporting does not accurately reflect the economics of its business, and may be concealing the struggles of Telaria."
In response, the price of Magnite shares fell sharply lower.
"We're focused on investor losses and whether Magnite has been masking business challenges with inaccurate financial reporting," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Magnite investor or have information that may assist our investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Magnite should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email MGNI@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP