Arbitron Faces Another Lawsuit
May 5, 2008 at 9:03 AM (PT)
On the heels of a class action lawsuit (NET NEWS 4/30) filed by COUGHLIN STOIA GELLER RUDMAN & ROBBINS LLP, on behalf of an institutional investor, PLUMBERS and PIPEFITTERS Local Union No. 630 Pension-Annuity Trust Fund, in the U.S. DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK on behalf of purchasers of ARBITRON, INC. common stock during the period between JULY 19th, 2007 and NOVEMBER 26th, 2007, comes a second suit.
Now, the Law offices of BRODSKY & SMITH, LLC have announced that a class action lawsuit has been filed on behalf of all persons who purchased the common stock of ARBITRON, INC. between JULY 19th, 2007 and NOVEMBER 26th, 2007. The class action lawsuit was filed in the UNITED STATES District Court for the Southern District of NEW YORK.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of ARBITRON.
As with the previous suit, EVP and Chief Legal Counsel TIM SMITH restated, "We have reviewed the filing. ARBITRON's goal is to provide quality services to our customers and value to our shareholders.
"We are confident that these claims are not representative of the wishes and experiences of the majority of our investors. We will vigorously defend our company and our shareholders' interests against this lawsuit."