Today's Date: Add To Favorites   
SearchMedia Announces Settlement on Securities Class Action
Securities Class Action | 2011/11/11 09:40
SearchMedia Holdings Limited, one of China's leading nationwide multi-platform media companies, today announced that it reached a tentative partial settlement agreement for a securities class action lawsuit pending against the Company and a number of its current and former directors, officers and employees.

The securities class action lawsuit was filed in the United States District Court for the Southern District of Florida (Murdeshwar v. SearchMedia Holdings Limited, et al., Case no. 1:11-cv-20549-KMW) against the Company and certain of its current and former officers and directors in relation to various disclosures regarding the Company's acquisition of SearchMedia International Ltd. and the financial condition of that company.

The partial settlement agreement is made on behalf of the defendants who served as directors and officers of Ideation Acquisition Corp. (the "Settling Defendants") without any admission of wrongdoing on the part of the Settling Defendants and provides for a settlement fund of $2.75 million, which the Company expects to be entirely funded by its insurance carriers. The partial settlement agreement remains subject to court approval and certain other conditions including execution of a stipulation of settlement, notice to class members, and an opportunity for class members to object or opt out of the settlement.

The securities class action lawsuit remains pending against other defendants who reside in China and who have not been served with the complaint and summons.



[PREV] [1] ..[2108][2109][2110][2111][2112][2113][2114][2115][2116].. [3110] [NEXT]
All
Securities Class Action
Headline Legal News
Stock Market News
Court News
Court Watch
Legal Interview
Securities Lawyers
Securities Law Firm
Topics in Legal News
Attorney News
Legal Focuses
Opinions
Legal Marketing
Law Firm News
Investment Fraud Litigation
Hungary welcomes Netanyahu a..
US immigration officials loo..
Appeals court rules Trump ca..
Trump asks supreme court to ..
Turkish court orders key Erd..
Under threat from Trump, Col..
Japan’s trade minister fail..
Supreme Court makes it harde..
Trump signs order designatin..
US strikes a deal with Ukrai..
Defense secretary defends Pe..
Musk gives all federal worke..
Elon Musk has called for the..
Elon Musk dodges DOGE scruti..
Trump White House cancels fr..
Trump order aims to end fede..


   Lawyer & Law Firm Links
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Car Accident Lawyers
Sunnyvale, CA Personal Injury Attorney
www.esrajunglaw.com
Lane County, OR DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
Family Law in East Greenwich, RI
Divorce Lawyer - Erica S. Janton
Post-Divorce Issues Attorney
Connecticut Special Education Lawyer
www.fortelawgroup.com
   Legal Resource Links
Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
 
 
 

The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo