INVESTOR ALERT: Investigation of AirMedia Group, Inc. Announced by Glancy Prongay & Murray LLP
July 01 2015 - 11:10AM
Business Wire
Glancy Prongay & Murray LLP announces an investigation on
behalf of investors of AirMedia Group, Inc. (“AirMedia” or the
“Company”) (NASDAQ: AMCN) concerning whether the Company misled
investors regarding the value and potential sale of a portion of
its advertising subsidiary AirMedia Group Co., Ltd. (AirMedia,
Ltd.). Glancy Prongay & Murray is preparing to file a complaint
to recover damages on behalf of AirMedia investors, and investors
are encouraged to contact the firm to discuss the matter.
AirMedia is a leading operator of out-of-home advertising
platforms that focuses on selling time slots on its network in the
People’s Republic of China. Over the course of several months the
Company misled investors into believing that a 5% portion of
AirMedia, Ltd. would be sold to Shenzhen Liantronics Co.
(“Liantronics”) at a total subsidiary valuation of $500 million. On
April 28, 2015, a news report published on seekingalpha.com alleged
that the Company was misleading investors regarding the sale of
AirMedia, Ltd., that the subsidiary was overvalued by the Company,
and a sale would likely not be closed. In response, the Company
confirmed to investors that it would sell a 5% stake in AirMedia,
Ltd. to Liantronics at a total valuation of $500 million. Then on
June 15, 2015, AirMedia announced entry into a definitive agreement
to sell 75 percent of AirMedia, Ltd. for $344 million to Beijing
Longde Wenchuang Fund Mgmt. Co., Ltd., a quick reversal from its
earlier announcement regarding a sale of 5% of the subsidiary at a
$500 million valuation. When this news was revealed, shares of
AirMedia fell $1.29 per share, or nearly 20%, to close on June 15,
2015 at $5.97 per share.
If you purchased AirMedia shares prior to June 15, 2015, have
information or would like to learn more about these claims, or have
any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Lesley
Portnoy of Glancy Prongay & Murray LLP, 1925 Century Park East,
Suite 2100, Los Angeles, California 90067 at 310-201-9150,
Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com. If you inquire by
email please include your mailing address, telephone number and
number of shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20150701006108/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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