SearchMedia Announces Settlement on Securities Class Action
Legal Solutions
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.
Related listings
-
Brower Piven Announces Investigation of El Paso Corp.
Legal Solutions 10/17/2011The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of El Paso Corporation and other violations of state law by the Board of Directors of El Paso re...
-
Robbins Geller Rudman & Dowd LLP Files Class Action
Legal Solutions 10/14/2011Robbins Geller Rudman & Dowd LLP today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Aeropostale, Inc. between February 3,...
-
Scott Cole & Associates Announces Update for Class Action
Legal Solutions 10/06/2011According to Scott Cole, within days of being hit with a class action lawsuit for failing to offer meal and rest breaks to its California workforce, Guitar Center fired the man who pioneered the lawsuit and allowed its workers to parade the named pla...
Is Now the Time to Really Call a Special Education Lawyer?
IDEA, FAPE, CHILD FIND and IEPs: The Individuals with Disabilities Education Act (IDEA) guarantees all children with disabilities to a free appropriate public education (FAPE). FAPE starts with a school’s responsibility to identify that a child has a disability (Child Find) and create an Individualized Education Program (IEP) to suit the needs of the child. Parents need to be persistent, dedicated and above all else aware of the many services and accommodations that their child is entitled to under the law. As early as this point within your child’s special education, many parents will often find themselves in the situation asking, “is now the time to really call a special education lawyer?” Here are a few things to consider when asking yourself that question.