LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Magnite, Inc. (“Magnite” or “the Company”) (NASDAQ: MGNI) f/k/a Telaria, Inc. (NYSE: TLRA) and/or Rubicon Project (NYSE: RUBI) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Magnite is the subject of a research report released by Spruce Point Management on January 7, 2021. Spruce Point Management alleges that Telaria suffered from business woes before its merger with Rubicon, which formed Magnite. Rubicon allegedly also suffered from deep business problems prior to the merger. The report also alleges discrepancies in Telaria’s 2019 Capital Expenditures and the removal of $9.3 million in “Other Assets” by Magnite after the merger. The report alleges that Magnite utilized questionable financial reporting methods to hide Telaria’s financial problems. Based on this news, shares of Magnite dropped by more than 6% on the same day.
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