Vivendi Loses Appeal In $49M Shareholder Suit At 2nd Circ.
By Dorothy Atkins (September 27, 2016, 4:29 PM EDT) -- The Second Circuit on Tuesday left French media giant Vivendi SA on the hook for class claims it misled investors about its finances after assuming $18 billion in debt, saying shareholders provided sufficient evidence in a jury trial to prove it liable for $49.7 million in damages and interest.
Upholding a district court ruling, a three-judge panel found that a certified class of investors had shown that Vivendi didn't tell the truth about the company's liquidity risk before a drop in stock price by making statements that were "outright lies or misleading half‐truths."
"There was sufficient evidence for the jury to...
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