U.S. Court of Appeals Affirms Vivendi Class Action and GAMCO Judgments
September 27 2016 - 1:06PM
Business Wire
Regulatory News:
Vivendi (Paris:VIV) announced today that the United States Court
of Appeals for the Second Circuit affirmed the judgment entered
against Vivendi on December 23, 2014 in In re Vivendi Universal,
S.A. Securities Litigation. The Court of Appeals rejected, however,
the class action plaintiffs’ arguments in their cross-appeal
seeking to expand the class of plaintiffs and the scope of their
claim.
Although Vivendi is gratified that the Court of Appeals properly
rejected the class action plaintiffs’ cross-appeal, Vivendi
strongly disagrees with the Court of Appeals’ decision affirming
the judgment and continues to assert that it did nothing wrong.
Vivendi is analyzing its options, both in seeking further review
before the Court of Appeals and in filing a petition for review
with the Supreme Court of the United States.
Vivendi continues to maintain a reserve of €100 million with
respect to any damages it may have to pay in this case. The value
of the affirmed judgment is approximately $50 million.
In a related decision, the Court of Appeals affirmed the
judgment entered for Vivendi on February 28, 2013 in GAMCO
Investors, Inc. v. Vivendi, S.A. In its opinion, the Court of
Appeals found that “the record at the trial simply does not
establish that it was clearly erroneous for the district court to
find that GAMCO, had it known of the liquidity problems at Vivendi,
would have made the choice to buy the same securities it
purchased.”
This decision by the Court of Appeals confirms that Vivendi is
not liable to GAMCO Investors, Inc. or its affiliates under the
United States securities laws. Vivendi is pleased that the Court of
Appeals, like the district court, rejected GAMCO’s claim against
Vivendi for approximately $3.5 million, exclusive of interest.
About Vivendi
Vivendi is an integrated media and content group. The company
operates businesses throughout the media value chain, from talent
discovery to the creation, production and distribution of content.
The main subsidiaries of Vivendi comprise Canal+ Group and
Universal Music Group. Canal+ is the leading pay-TV operator in
France, and also serves markets in Africa, Poland and Vietnam.
Canal+ operations include Studiocanal, a leading European player in
production, sales and distribution of film and TV series. Universal
Music Group is the world leader in recorded music, music publishing
and merchandising, with more than 50 labels covering all genres. A
separate division, Vivendi Village, brings together Vivendi
Ticketing (ticketing in the UK, the U.S and France), MyBestPro
(experts counseling), Watchever (subscription video-on-demand),
Radionomy (digital radio), Olympia Production, the L’Olympia and
the Theâtre de L‘Oeuvre venues in Paris and the CanalOlympia venues
in Africa. With 3.5 billion videos viewed each month, Dailymotion
is one of the biggest video content aggregation and distribution
platforms in the world. Gameloft is a worldwide leading video games
on mobile, with 2 million games downloaded per day.
www.vivendi.com, www.cultureswithvivendi.com
Important disclaimer
Disclaimer Forward Looking Statements. This press release
contains forward-looking statements with respect to Vivendi`s
financial condition, results of operations, business, strategy and
plans. Although Vivendi believes that such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance. Actual results may differ
materially from the forward-looking statements as a result of a
number of risks and uncertainties, many of which are outside our
control, including but not limited to the risks described in the
documents Vivendi has filed with the Autorité des Marchés
Financiers (French securities regulator) and which are also
available in English on our web site (www.vivendi.com). Investors
and security holders may obtain a free copy of documents filed by
Vivendi with the Autorité des Marchés Financiers at
www.amf-france.org, or directly from Vivendi. The present
forward-looking statements are made as of the date of this press
release and Vivendi disclaims any intention or obligation to
provide, update or revise any forward-looking statements, whether
as a result of new information, future events or
otherwise.Unsponsored ADRs. Vivendi does not sponsor an American
Depositary Receipt (ADR) facility in respect of its shares. Any ADR
facility currently in existence is “unsponsored” and has no ties
whatsoever to Vivendi. Vivendi disclaims any liability in respect
of such facility.
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