MINNEAPOLIS, Sept. 28, 2012 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Southern District of Florida on behalf of those who purchased Digital Domain Media Group, Inc. ("Digital Domain" or the "Company") (Pink Sheets:DDMGQ) common stock during the period November 18, 2011 through September 6, 2012 (the "Class Period") and who purchased in or traceable to the Company's initial public offering which commenced on or about November 18, 2011 (the "IPO").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before November 19, 2012. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that Digital Domain, a digital production company that was forced to file for bankruptcy in September 2012, less than 10 months after its IPO, misled investors in documents filed with the SEC as part of the IPO and in other statements made throughout the Class Period. The Company failed to disclose that material negative information concerning the Company's ability to raise capital and fund its operations had been withheld, that the Company's substantial "burn rate" threatened Digital Domain's ability to continue as a going concern, and that the Company would be unable to meet its operating expenses. On August 1, 2012, it was disclosed that the Company would explore strategic and financial alternatives, and after the Company filed for Chapter 11 bankruptcy protection, the value of Digital Domain shares declined significantly. Shares fell from $9.00 per share in May 2012 to slightly over $2.00 per share in August 2012.
If you purchased or acquired Digital Domain Media Group, Inc. stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
| Jonathan R. Mencel, Esq. (cjohnsonlaw@gmail.com) |
| Law Offices of Charles H. Johnson, P.A. |
| 2599 Mississippi Street |
| New Brighton, MN 55112 |
| (651) 633-5685 |