|[August 01, 2014]
Lieff Cabraser Announces Class Action Litigation Against Lions Gate Entertainment Corp. - LGF
SAN FRANCISCO --(Business Wire)--
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that
class action litigation has been brought on behalf of those who
purchased the common stock of Lions Gate Entertainment Corp. ("Lions
Gate" or the "Company") (NYSE: LGF) between February 11, 2013 and March
13, 2014, inclusive (the "Class Period").
If you purchased Lions Gate common stock during the Class Period, you
may move the Court for appointment as lead plaintiff by no later than
September 9, 2014. A lead plaintiff is a representative party who acts
on behalf of other class members in directing the litigation. Your share
of any recovery in the action will not be affected by your decision of
whether to seek appointment as lead plaintiff. You may retain Lieff
Cabraser, or other attorneys, as your counsel in the action.
Gate investors who wish to learn more about the action and how to seek
appointment as lead plaintiff should click here or contact Sharon M.
Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Lions ate Securities Class
The actions charge Lions Gate and certain of its senior executives with
violations of the Securities Exchange Act of 1934. Lions Gate is a film
studio that produces and distributes motion pictures and other forms of
The complaint alleges that by the start of the Class Period, and
unbeknownst to investors, Lions Gate was under investigation by the U.S.
Securities and Exchange Commission ("SEC (News - Alert)") for making false and
misleading statements and omissions concerning a series of transactions
("Transactions") conducted to prevent a takeover of the Company by Carl
Icahn and his affiliates. During the Class Period, however, defendants
misrepresented and/or failed to disclose the fact of the SEC
investigation, the prospect of legal proceedings associated with the
misconduct under investigation, and the Company's exposure to loss in
connection with such proceedings.
On March 13, 2014, the SEC issued order which set forth the resolution
of the investigation and charges against Lions Gate for making false and
misleading disclosures regarding the Transactions. According to the
order, 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.
On this news, the price of Lions Gate shares dropped $2.93 per share
over the next three trading days, or 8.81% from a closing price of
$33.26 on March 12, 2014, to close at $30.33 per share on March 17, 2014.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco,
New York, and Nashville, is a nationally recognized law firm committed
to advancing the rights of investors and promoting corporate
The National Law Journal has recognized Lieff Cabraser as one of
the nation's top plaintiffs' law firms for eleven years. In compiling
the list, the National Law Journal examines recent verdicts and
settlements and looked for firms "representing the best qualities of the
plaintiffs' bar and that demonstrated unusual dedication and
creativity." Best Lawyers and U.S. News have also named
Lieff Cabraser as a "Law Firm of the Year" each year the publications
have given this award to law firms.
For more information about Lieff Cabraser and the firm's representation
of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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