Chinese Media Co.'s IPO Wasn't Misleading, Court Hears

Law360, New York (March 8, 2012, 4:36 PM EST) -- A group of defendants including private equity firm Aegis Capital Corp. asked a California federal judge on Wednesday to dismiss an amended suit brought by investors claiming a U.S. advertising company inflated revenues from its commercials on Chinese television to boost its 2011 stock sale.

The defendants, who underwrote China Century Dragon Media Inc.'s initial public offering, said the shareholders have not proven that the company's filings with the U.S. Securities and Exchange Commission were false, even though they listed nearly five times the revenue the...
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