LAWSUITS NEWS & LEGAL INFORMATION
Focus Media Holding Limited FMCN Securities Stock Fraud
|Company:||Focus Media Holding Limited|
|Class Period:||Sep-25-07 to Nov-21-11|
|Lead Plaintiff Deadline:||Feb-19-12|
The action is brought against Focus Media and certain of its executives for violations of the Securities Exchange Act of 1934. Focus Media, a Cayman Islands corporation that maintains its principal executive offices in Hong Kong, is a multi-platform digital media company that operates a liquid crystal display ("LCD") network using audiovisual digital displays in China. It provides advertising services on displays in high traffic areas.
On November 21, 2011, research firm Muddy Waters LLC issued a report accusing Focus Media of materially overstating the number of screens currently in the Company's LCD advertising network. Muddy Waters also alleged that like Olympus Corporation, Focus Media routinely overpaid for acquisitions to conceal losses, noting that the Company had written down $1.1 billion out of $1.6 billion in acquisitions since 2005. Moreover, the report accused certain Company insiders for engaging in massive insider selling. On this news, Focus Media ADS fell $10.07 per share, or 39 percent, from its closing price on the prior trading day, November 18, 2011, to close at $15.43, on extremely heavy trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Focus Media Holding Limited FMCN Securities Fraud Legal HelpIf you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Focus Media Holding Limited securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
Published on Dec-21-11
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