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A securities class action suit has been filed in the U.S. District Court for the Central District of California on behalf of those who purchased shares of TrueCar Inc.
The complaint alleges that True Car made false and/or misleading statements and/or failed to disclose that its business practices violated unfair competition and deceptive trade practice laws by acting as a dealer and broker in car sales transactions without proper licensing. The suit claims that led to the company's financial statements being materially false and misleading at all relevant times.
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The Pennsylvania attorney general recently cracked down on unlicensed salespeople selling used cars.
One case involved David Charney, who held a vehicle sales license that expired in 2003. Charney continued to sell vehicles at 5th Avenue Auto Sales, his wife Claudia's store in Cambria County.