NEW YORK, July 27, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, a global investor rights firm, announces that a class action lawsuit has been filed on behalf of purchasers of AirMedia Group, Inc. (NASDAQ:AMCN) American Depositary Receipts ("ADRs") from April 15, 2015 through June 15, 2015, both dates inclusive (the "Class Period"). The lawsuit seeks to recover damages for AirMedia investors under the federal securities laws.
To join the AirMedia class action, go to the firm's website at http://www.rosenlegal.com/cases-593.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the suit, AirMedia misled investors about the purported sale of a 5% interest in AirMedia's advertising subsidiary, AirMedia Group Co., Ltd. ("AM Advertising"), to Shenzhen Liantronics Co. Ltd., and the valuation of the subsidiary negotiated in the deal, stating that deal was worth $500 million. On June 15, 2015, the Company issued an announcement stating 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 $344.4 million, a significant reduction from the value the Company had claimed during the class period. When the true details entered the market, AirMedia's share price declined and investors suffered damages.
A class action lawsuit has already been filed. 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 directing the litigation. If you wish to join the litigation, go to the firm's website http://www.rosenlegal.com/cases-593.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.