WILMINGTON, Del., July 8, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of AirMedia Group Inc. (NASDAQ GS: AMCN)?
- Did you purchase your shares between April 15, 2015 and June 15, 2015, inclusive?
- Did you lose money in your investment in AirMedia Group Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the American Depository Receipts ("ADRs") of AirMedia Group Inc. ("AirMedia" or the "Company") (NASDAQ GS: AMCN) between April 15, 2015 and June 15, 2015, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased ADRs of AirMedia during the Class Period and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to email@example.com; or at: http://www.rigrodskylong.com/investigations/airmedia-group-inc-amcn.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants misled the investing public about the purported sale of a 5% interest in its advertising subsidiary AirMedia Group Co., Ltd. ("AM Advertising") to Shenzhen Liantronics Co. Ltd. ("Liantronics") in a deal valued at RMB150 million. As a result of defendants' false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, 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. This announcement conceded that AirMedia's former claim to have sold a 5% interest in its advertising business to Liantronics in a deal that valued the subsidiary at RMB3 billion/$500 million was false and misleading.
On this news, ADRs in AirMedia plummeted over 50% in the following days, closing at $3.52 per share on June 18, 2015, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than August 24, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Rigrodsky & Long, P.A.