NEW ORLEANS, July 24, 2015 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until August 24, 2015 to file lead plaintiff applications in a securities class action lawsuit against AirMedia Group, Inc. (NasdaqGS: AMCN) if they purchased the Company's American Depositary Receipts ("ADRs") between April 15, 2015 and June 15, 2015, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased ADRs of AirMedia and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by August 24, 2015.
About the Lawsuit
AirMedia and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On June 15, 2015, AirMedia issued a press release announcing that it had entered into a definitive agreement to sell a 75% equity interest in its advertising subsidiary, AirMedia Group Co., Ltd. to Beijing Longde Wenchuang Fund Management Co., Ltd. for $344.4 million, which was significantly less than the purported value that AirMedia had claimed the subsidiary was worth during the Class Period.
On this news, the price of AirMedia's ADRs plummeted.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC Lewis Kahn, Managing Partner firstname.lastname@example.org 1-877-515-1850 206 Covington St. Madisonville, LA 70447
SOURCE Kahn Swick & Foti, LLC