Court Grants Final Approval of Settlement of Class Action
The hearing on the approval of the settlement of this class action had been adjourned from January 12 to April 7, 2017. At the April 7th hearing, Judge Martinez of the U.S. District Court for the Southern District of Florida granted final approval of the $5.5 million settlement on behalf of the shareholders in Digital Domain Media Group. The claims filed by the class members are being processed. It is currently anticipated that the claims administration will continue until the end of the year.
Wolf Popper Obtains Preliminary Approval of $5.5 Million Settlement for DDMG Shareholders
The United States District Court for the Southern District of Florida has preliminarily approved a settlement on behalf of the shareholders in Digital Domain Media Group in of In re Digital Domain Media Group, Inc. Securities Litigation. The proposed settlement will create a $5.5 million settlement fund and resolves claims that former officers and directors of DDMG made materially false and/or misleading public statements regarding the financial condition of DDMG. A hearing to consider final approval of the settlement is scheduled for January 12, 2017, at 2:00 p.m. More information concerning the settlement can be found at http://www.ddmgsecuritieslitigation.com/important-dates.aspx.
Court appoints Wolf Popper LLP as Co-Lead Counsel on Behalf of Purchasers of Digital Domain Media Group, Inc.
On March 12, 2013, Judge Jose E. Martinez of the United States District Court, Southern District of Florida, appointed Wolf Popper LLP as Co-Lead Counsel on behalf of Plaintiffs in the consolidated action now entitled In re Digital Domain Media Group, Inc. Securities Litigation, Case No. 12-14333-CIV-Martinez-Lynch. The action alleges that defendants issued materially false and/or misleading statements regarding the financial condition of Digital Domain Media Group, Inc. (“DDMG”) in filings made with the Securities and Exchange Commission, as well as in other public statements, in connection with both the initial public offering of common stock in November 2011 (“IPO”), and subsequent thereto, which ultimately culminated in DDMG’s filing for bankruptcy less than 10 months after its IPO. Defendants include the managing underwriters, Roth Capital Partners LLC and Morgan Joseph TriArtisan LLC, John C. Textor, Chairman and CEO of DDMG, and Jonathan F. Teaford, former President and CFO of DDMG.