EQUITY ALERT: The Rosen Law Firm Announces the Filing of a Securities Class Action Lawsuit Against AirMedia Group, Inc.
June 26 2015 - 12:37PM
Business Wire
The Rosen Law Firm, a global investor rights firm, announces
that a class action lawsuit has been filed on behalf of purchasers
of AirMedia Group, Inc. (NASDAQ: AMCN) American Depositary Receipts
(“ADRs”) from April 15, 2015 through June 15, 2015, both dates
inclusive (the “Class Period”). The lawsuit seeks to recover
damages for AirMedia investors under the federal securities
laws.
To join the AirMedia class action, go to the firm’s website at
http://www.rosenlegal.com/cases-593.html or call Phillip Kim, Esq.
or Kevin Chan, Esq. toll-free at 866-767-3653 or email
pkim@rosenlegal.com or kchan@rosenlegal.com for information on the
class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the suit, AirMedia misled investors about the
purported sale of a 5% interest in AirMedia’s advertising
subsidiary, AirMedia Group Co., Ltd. (“AM Advertising”), to
Shenzhen Liantronics Co. Ltd., and the valuation of the subsidiary
negotiated in the deal, stating that deal was worth $500 million.
On June 15, 2015, the Company issued an announcement stating that
it had entered into a definitive agreement to sell a 75% equity
interest in AM Advertising to Beijing Longde Wenchuang Fund
Management Co., Ltd. for $344.4 million, a significant reduction
from the value the Company had claimed during the class period.
When the true details entered the market, AirMedia’s share price
declined and investors suffered damages.
A class action lawsuit has already been filed. If you wish to
serve as lead plaintiff, you must move the Court no later than
August 24, 2015. A lead plaintiff is a representative party acting
on behalf of other class members directing the litigation. If you
wish to join the litigation, go to the firm’s website
http://www.rosenlegal.com/cases-593.html or to discuss your rights
or interests regarding this class action, please contact Phillip
Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at
866-767-3653 or via e-mail at pkim@rosenlegal.com or
kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
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version on businesswire.com: http://www.businesswire.com/news/home/20150626005655/en/
The Rosen Law Firm, P.A.Laurence Rosen, Esq.Phillip Kim,
Esq.Kevin Chan, Esq.275 Madison Avenue, 34th FloorNew York, NY
10016Tel: 212-686-1060Toll Free: 866-767-3653Fax:
212-202-3827lrosen@rosenlegal.compkim@rosenlegal.comkchan@rosenlegal.comwww.rosenlegal.com
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