Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against Arbitron, Inc.
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Coughlin Stoia Geller Rudman & Robbins LLP ("Coughlin
Stoia”) (http://www.csgrr.com/cases/arbitron/)
today announced that a class action has been commenced on behalf of an
institutional investor in the United States District Court for the
Southern District of New York on behalf of purchasers of Arbitron, Inc. ("Arbitron”
or the "Company”)
(NYSE:ARB) common stock during the period between July 19, 2007 and
November 26, 2007 (the "Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff’s counsel, Samuel H. Rudman
or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058,
or via e-mail at djr@csgrr.com. If
you are a member of this class, you can view a copy of the complaint as
filed or join this class action online at http://www.csgrr.com/cases/arbitron/.
Any member of the purported class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.
The complaint charges Arbitron and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. The Company,
through its subsidiaries, provides media and marketing information
services in the United States and internationally. The Company's
Portable People Meter ratings service is purportedly capable of
measuring radio, broadcast television, cable television, Internet
broadcasts, satellite radio and television audiences, and retail store
video and audio broadcasts.
The complaint alleges that, during the Class Period, defendants issued
materially false and misleading statements that misrepresented and
failed to disclose: (i) that the Company's scheduled implementation of
its Portable People Meter ratings service in certain major markets was
not performing according to internal expectations and the Company was
experiencing significant difficulties such that it would have to delay
its implementation; and (ii) as a result, defendants lacked a reasonable
basis for their positive statements about the timing of the
implementation of Arbitron’s Portable People
Meter ratings service and the Company's prospects and future earnings.
On November 26, 2007, Arbitron announced that "it [would]
delay the commercialization of its Portable People Meter (PPM) radio
ratings service in nine markets" and that the Company would be revising
its financial guidance for 2007 and its outlook for 2008. In response to
this announcement, the price of Arbitron common stock declined $7.21 per
share, or over 14.74%, to close at $41.70 per share, on unusually high
trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers of
Arbitron common stock during the Class Period (the "Class”).
The plaintiff is represented by Coughlin Stoia, which has expertise in
prosecuting investor class actions and extensive experience in actions
involving financial fraud.
Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San
Francisco, Los Angeles, New York, Boca Raton, Washington, D.C.,
Philadelphia and Atlanta, is active in major litigations pending in
federal and state courts throughout the United States and has taken a
leading role in many important actions on behalf of defrauded investors,
consumers, and companies, as well as victims of human rights violations.
The Coughlin Stoia Web site (http://www.csgrr.com)
has more information about the firm.
