Lions Gate Sued Amid $7.5M SEC Fine In Icahn Takeover Bid

Law360, Los Angeles (July 11, 2014, 9:49 PM EDT) -- Lions Gate Entertainment Corp. investors slammed the studio with a securities class action in New York federal court Friday, claiming the value of their stock dropped after the U.S. Securities and Exchange Commission assessed a $7.5 million fine over efforts to block a takeover by billionaire investor Carl Icahn.

Lead plaintiff Laborers Pension Trust Fund — Detroit & Vicinity claims that, unbeknownst to investors, the SEC was investigating Lions Gate for not disclosing the details of a three-part set of transactions it enacted to put more...
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