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Flurry of Litigation Against IMAX Continues

Law360 (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...
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