NEW YORK, July 24, 2015 /PRNewswire/ -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired American Depositary Receipts of AirMedia Group Inc. ("AirMedia") (NASDAQ: AMCN) between April 15, 2015 and June 15, 2015.
You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the Southern District of New York. If you purchased or otherwise acquired AirMedia ADRs between April 15, 2015 and June 15, 2015, your rights may be affected by this action. To get more information go to:
or contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that the Company made false statements regarding the sale of a 5% interest in AirMedia's advertising subsidiary, AirMedia Group Co., Ltd. to Shenzhen Liantronics Co. Ltd., and the negotiated valuation of the subsidiary. Specifically, the complaint alleges, AirMedia announced that the deal "reflected the total valuation of AM Advertising of RMB3 billion," or $500 million; then the Company allegedly made additional statements claiming that RMB3 billion/$500 million was a solid valuation of the AM Advertising subsidiary.
Then on June 15, 2015, the Company announced that it entered into an agreement to sell a 75% interest in AM Advertising for RMB2.1 billion/$344.4 million, significantly less than the purported value the Company claimed. Upon this news, AirMedia ADRs fell more than 50% over the following two days.
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.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
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Tel: (212) 363-7500
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SOURCE Levi & Korsinsky, LLP