Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In AirMedia Group Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in AirMedia Group Inc. (“AirMedia” or the “Company”) (NASDAQ:AMCN) of the August 24, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased AirMedia American Depositary Receipts (“ADRs”) between April 15, 2015 and June 15, 2015 (the “Class Period”).
The complaint focuses on whether the Company and its executives violated federal securities laws by issuing false and misleading statements in regards to the purported sale of a 5% interest in the Company’s advertising subsidiary, AirMedia Group Co., Ltd. (“AirMedia Group”) to Shenzhen Liantronics Co. Ltd. (“Liantronics”) and the negotiated valuation of the subsidiary of RMB3 billion or $500 million.
On June 15, 2015, AirMedia announced that it had entered into a definitive agreement to sell a 75% equity interest in AirMedia Group to Beijing Longde Wenchuang Fund Management Co., Ltd. for RMB2.1billion, or $344.4 million, a lower valuation compared to the Liantronics purported offer.
Following this news, the share price fell $1.29 per share to close at $5.97 per share, a 17.8% drop, on June 15, 2015.
If you invested in AirMedia ADRs or options between April 15, 2015 and June 15, 2015 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 AirMedia’s 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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