Corrected: RHI Entertainment Faces Action Over IPO

Law360, New York (October 19, 2009, 6:25 PM EDT) -- RHI Entertainment Inc. has been hit with a putative class action alleging the company and its executives misled investors in the lead-up to its initial public offering last year.

The complaint, filed in the U.S. District Court for the Southern District of New York, alleges RHI and certain officers and directors breached federal securities laws by issuing falsely rosy statements about the media company's prospects.

According to the suit, RHI's registration statement to the U.S. Securities and Exchange Commission on June 13, 2008, created the impression...
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