NEW YORK, June 29, 2015 /PRNewswire/ -- Attorney
Advertising-- Bronstein, Gewirtz & Grossman, LLC reminds
investors that a securities class action has been filed in the
United States District Court for the Southern District of
New York on behalf of those who
purchased shares of AirMedia Group, Inc. ("AirMedia" or the
"Company") (NasdaqGS: AMCN), during the period between April 15, 2015 and June
15, 2015 inclusive. (the "Class Period").
The Lawsuit alleges that during the Class Period, Defendants
made false and misleading statements regarding 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.
AirMedia's press release announcing the sale stated that the deal
"reflected the total valuation of AM Advertising of RMB3 billion," or $500
million. The complaint further alleges that defendants made
additional statements during the Class Period claiming that
RMB3 billion/$500 million was a solid valuation of the AM
Advertising subsidiary. As a result of defendants' false and
misleading statements during the Class Period, AirMedia ADRs traded
at artificially inflated prices, reaching a high price of
$7.70 per ADR in intraday trading on
June 15, 2015.
On June 15, 2015, the Company
issued a press release announcing 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 RMB2.1 billion/$344.4 million, significantly less than the
purported value the Company had claimed the subsidiary was worth
during the Class Period.
No Class has yet been certified in the above action. If you wish
to review a copy of the Complaint, to discuss this action, or have
any questions, please contact Peretz
Bronstein, Esq. or his Investor Relations Coordinator
Eitan Kimelman of Bronstein, Gewirtz
& Grossman, LLC at 212-697-6484 or via email info@bgandg.com.
Those who inquire by e-mail are encouraged to include their mailing
address and telephone number. If you suffered a loss in
AirMedia you have until August 24,
2015 to request that the Court appoint you as lead
plaintiff. Your ability to share in any recovery doesn't
require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-alert-bronstein-gewirtz--grossman-llc-reminds-investors-of-class-action-against-airmedia-group-inc-and-lead-plaintiff-deadline-300106001.html
SOURCE Bronstein, Gewirtz & Grossman, LLC