Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In DreamWorks Animation SKG Inc. (DWA) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in DreamWorks Animation SKG Inc. (“DreamWorks” or the “Company”) (NASDAQ: DWA) of the September 30, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against DreamWorks and certain executives.
A complaint has been filed in the Central District of California on behalf of all persons who purchased or otherwise acquired DreamWorks securities between October 29, 2013 and July 29, 2014, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, DreamWorks made false and/or misleading statements and/or failed to disclose that: (i) the Company did not take a write-down regarding its Turbo movie in a timely fashion; (ii) the Company’s 2013 fiscal year net income had been materially overstated; and (iii) the Company did not employ adequate internal controls over financial reporting.
On July 29, 2014, during a conference call with analysts, DreamWorks disclosed that it is under investigation by the Securities and Exchange Commission regarding the $13.5 million write-down the studio took in connection to the poor performance of Turbo.
Following this news, the price of the Company’s stock declined by $2.68, or over 11%, to close at $19.98 on July 30, 2014.
If you invested in DreamWorks stock or options between October 29, 2013 and July 29, 2014, and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding DreamWorks’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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