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NEW YORK, July 17, 2015 (GLOBE NEWSWIRE) -- The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Southern District of New York on behalf of investors who purchased AirMedia Group Inc. (NASDAQ:AMCN) securities between April 15, 2015 and June 15, 2015.
Click here to learn about the case: http://docs.wongesq.com/AMCN-Info-Request-Form-814. There is no cost or obligation to you.
The complaint alleges that the Company made false statements regarding the sale of a 5% interest in AirMedia's advertising subsidiary, AirMedia Group Co., Ltd. to Shenzhen Liantronics Co. Ltd., and the negotiated valuation of the subsidiary. Specifically, the complaint alleges, AirMedia announced that the deal "reflected the total valuation of AM Advertising of RMB3 billion," or $500 million; then the Company allegedly made additional statements claiming that RMB3 billion/$500 million was a solid valuation of the AM Advertising subsidiary.
Then on June 15, 2015, the Company announced that it entered into an agreement to sell a 75% interest in AM Advertising for RMB2.1 billion/$344.4 million, significantly less than the purported value the Company claimed. Upon this news, AirMedia ADRs fell more than 50% over the following two days.
If you suffered a loss in AirMedia Group you have until August 24, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email email@example.com, by telephone at 212.425.1140, or visit http://docs.wongesq.com/AMCN-Info-Request-Form-814.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Vincent Wong, Esq. 39 East Broadway Suite 304 New York, NY 10002 Tel. 212.425.1140 Fax. 866.699.3880 E-Mail: firstname.lastname@example.orgNEXT ARTICLE
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