Wolf Haldenstein Adler Freeman & Herz LLP Announces That a Class Action Lawsuit on Behalf of Lions Gate Entertainment Corp. I...
July 21 2014 - 5:19PM
Wolf Haldenstein Adler Freeman & Herz LLP announces that a
class action lawsuit has been filed in the United States District
Court for the Southern District of New York on behalf of purchasers
of Lions Gate Entertainment Corp. ("Lions Gate" or the "Company")
(NYSE:LGF) common stock between February 11, 2013 through March 13,
2014, inclusive (the "Class Period").
Lions Gate is a film studio that produces and distributes motion
pictures, television, home and family entertainment, and digital
media. The complaint alleges that by the start of the Class Period,
Lions Gate was under investigation by the U.S. Securities and
Exchange Commission ("SEC") for making false and misleading
statements and omissions concerning a series of transactions
("Transactions") designed to prevent a takeover of the Company by
Carl Icahn and his affiliates. During the Class Period, however,
Lions Gate and the other defendants misrepresented and/or failed to
disclose the existence of the SEC investigation, the prospect of
legal proceedings associated with the misconduct under
investigation, and the Company's exposure to losses in connection
therewith.
On March 13, 2014, the SEC issued an Order Instituting
Cease-and-Desist Proceedings Pursuant to Section 21C of the
Securities Exchange Act of 1934, Making Findings, and Imposing a
Cease-and-Desist Order ("Order"), which memorialized the resolution
of the investigation and charges against Lions Gate for making
false and misleading disclosures regarding the Transactions. As
detailed in the Order, and alleged in the complaint, Lions Gate
settled the investigation by, among other things, agreeing to pay
$7.5 million in fines and acknowledging that it had violated the
federal securities laws.
In response to the publication of the Order on March 13, 2014,
the price of Lions Gate common stock declined as the market
digested the truth regarding the Company's exposure.
If you purchased Lions Gate Entertainment Corp common stock
during the Class Period, you may move to be appointed as lead
plaintiff by September 9, 2014. A lead plaintiff is a
representative party that acts on behalf of other class members in
directing the litigation. You may retain Wolf Haldenstein, or other
counsel of your choice, to serve as your counsel in this
action.
Wolf Haldenstein has extensive experience in the prosecution of
securities class actions and derivative litigation in state and
federal trial and appellate courts across the country. The firm has
over 70 attorneys in various practice areas; and offices in New
York, Chicago and San Diego. The reputation and expertise of this
firm in shareholder and other class litigation has been repeatedly
recognized by the courts, which have appointed it to major
positions in complex securities multi-district and consolidated
litigation.
If you wish to discuss this action or have any questions, please
contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone
at (800) 575-0735, via e-mail at classmember@whafh.com, or visit
our website at www.whafh.com. All e-mail correspondence should make
reference to "Lions Gate Entertainment litigation."
Attorney Advertising. Prior results do not guarantee or predict
a similar outcome.
CONTACT: Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq. or Gregory Stone
Email: donovan@whafh.com, gstone@whafh.com
or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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