Vivendi Settles Remaining Claims from the 2002 Shareholder Class Action Litigation
April 06 2017 - 2:23PM
Business Wire
Regulatory News:
Vivendi (Paris:VIV) announced today that it has signed an
agreement to settle the remaining claims still in dispute with
certain class plaintiffs in the securities class action litigation
initiated in the United States in 2002, finally putting this
long-standing case to rest.
Vivendi will pay $26.4 million under the agreement, representing
approximately one-third of the total $78 million it will pay to
resolve the entire litigation, including the judgments previously
entered.
The resolution of this litigation will result in a net reversal
of provision of approximately €25 million in Vivendi's 2017
financial statements. Given that the provision had been already
been deducted for tax purposes, this reversal will be taxed in
2017.
The settlement is subject to final approval of the court.
About Vivendi
Vivendi is an integrated media and content group. The company
operates businesses throughout the media value chain, from talent
discovery to the creation, production and distribution of content.
Universal Music Group is engaged in recorded music, music
publishing and merchandising. It owns more than 50 labels covering
all genres. Canal+ Group is engaged in pay-TV in France, as well as
in Africa, Poland and Vietnam. Its subsidiary Studiocanal is a
leading European player in production, sales and distribution of
movies and TV series. Gameloft is a worldwide leader in mobile
games, with 2 million games downloaded per day.Vivendi Village,
groups together Vivendi Ticketing (in the United Kingdom, the
United States and France), MyBestPro (expert counseling), Watchever
(subscription streaming services), Radionomy (digital radio), the
venues L’Olympia and Theâtre de L‘Œuvre in Paris, and CanalOlympia
in Africa, as well as Olympia Production. With 3 billion
videos viewed each month, Dailymotion is one of the biggest video
content aggregation and distribution platforms in the world.
www.vivendi.com, www.cultureswithvivendi.com
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