NEW YORK, July 21, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Lions Gate Entertainment Corp. ("Lions Gate" or the "Company") (NYSE:LGF) common stock between February 11, 2013 through March 13, 2014, inclusive (the "Class Period").
Lions Gate is a film studio that produces and distributes motion pictures, television, home and family entertainment, and digital media. The complaint alleges that by the start of the Class Period, Lions Gate was under investigation by the U.S. Securities and Exchange Commission ("SEC") for making false and misleading statements and omissions concerning a series of transactions ("Transactions") designed to prevent a takeover of the Company by Carl Icahn and his affiliates. During the Class Period, however, Lions Gate and the other defendants misrepresented and/or failed to disclose the existence of the SEC investigation, the prospect of legal proceedings associated with the misconduct under investigation, and the Company's exposure to losses in connection therewith.
On March 13, 2014, the SEC issued an Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order ("Order"), which memorialized the resolution of the investigation and charges against Lions Gate for making false and misleading disclosures regarding the Transactions. As detailed in the Order, and alleged in the complaint, Lions Gate settled the investigation by, among other things, agreeing to pay $7.5 million in fines and acknowledging that it had violated the federal securities laws.
In response to the publication of the Order on March 13, 2014, the price of Lions Gate common stock declined as the market digested the truth regarding the Company's exposure.
If you purchased Lions Gate Entertainment Corp common stock during the Class Period, you may move to be appointed as lead plaintiff by September 9, 2014. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to "Lions Gate Entertainment litigation."
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