Troubled Franco-American media group Vivendi Universal and its controversial deposed chief executive Jean-Marie Messier, are named in a securities fraud lawsuit filed in a New York court by Rosenbaum Partners, an investment group that bought Vivendi securities during the period February 11 - July 3.
During this period Vivendi shares plummeted from €48.03 ($48.56; £30.84) to €13.90.
According to the suit lodged on behalf of Rosenbaum by specialist class action law firm Wolf Haldenstein Adler Freeman & Herz: “Messier orchestrated a scheme to conceal the severity of Vivendi’s liquidity problems. Only days before his ousting, Mr Messier caused the company to issue several press releases that falsely stated that Vivendi did not face an immediate and severe cash shortage.”
Data sourced from: Financial Times; additional content by WARC staff