Flurry of Litigation Against IMAX Continues

Law360, New York (August 23, 2006, 12:00 AM EDT) -- Already facing four shareholder lawsuits, IMAX Corp. has been hit by a fifth securities class action accusing the movie pioneer of issuing fraudulent financial statements.

On Monday, Michael J. Larosa slapped IMAX with a suit in the U.S. District Court for the Southern District of New York, charging the company with violating the Securities & Exchange Act of 1934.

Co-Chief Executive Officers Richard Gelfond and Bradley Wechsler and former chief financial officer, Frank Joyce, who resigned on Monday, were also named in the suit.

The action...
To view the full article, register now.