Film and Motion Picture Industry News Sample

Jan 2, 2002 12:00:09

DREAMWORKS ANIMATION: Plaintiffs File Consolidated Stock Suit

CALIFORNIA (SunStream News) -- Dreamworks Animation SKG, Inc. and certain of its officers and directors face a consolidated securities class action filed in the United States District Court for the Central District of California, alleging violations of federal securities laws.

Eight suits were initially filed - seven of these lawsuits were filed in the U.S. District Court for the Central District of California and are pending before a single judge; the eighth was filed in the Superior Court of the State of California. The lawsuits generally assert that the Company and certain of its officers and directors made alleged material misstatements and omissions in certain press releases, SEC filings and other public statements, including in connection with the Company's initial public offering in October 2004, and seek to recover damages on behalf of purchasers of the Company's securities during the purported class period (which varies by lawsuit, but encompasses the period from October 28, 2004 to May 10, 2005).

In July 2005, one of these lawsuits was amended to add additional causes of action under the federal securities laws and additional officer and director defendants, and to extend the purported class period to an ending date of July 11, 2005; that complaint has since been voluntarily dismissed. The federal cases have been consolidated and a lead plaintiff will be appointed to file a consolidated and amended class action complaint.

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Source: Class Action Reporter

Publication Date: 2006-01-02

 

COY:	DWA

IND:	FLM

GEO:	n-us-ca

 

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