On March 13, 2014, the SEC issued order which set forth the resolution of the investigation and charges against Lions Gate for making false and misleading disclosures regarding the Transactions. According to the order, Lions Gate settled the investigation by, among other things, agreeing to pay $7.5 million in fines and acknowledging that it had violated the federal securities laws.On this news, the price of Lions Gate shares dropped $2.93 per share over the next three trading days, or 8.81% from a closing price of $33.26 on March 12, 2014, to close at $30.33 per share on March 17, 2014. About Lieff Cabraser Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. The National Law Journal has recognized Lieff Cabraser as one of the nation's top plaintiffs’ law firms for eleven years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs' bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms. For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased the common stock of Lions Gate Entertainment Corp. (“Lions Gate” or the “Company”) (NYSE: LGF) between February 11, 2013 and March 13, 2014, inclusive (the “Class Period”). If you purchased Lions Gate common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than September 9, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action. Lions Gate investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358. Background on the Lions Gate Securities Class Litigation The actions charge Lions Gate and certain of its senior executives with violations of the Securities Exchange Act of 1934. Lions Gate is a film studio that produces and distributes motion pictures and other forms of entertainment. The complaint alleges that by the start of the Class Period, and unbeknownst to investors, Lions Gate was under investigation by the U.S. Securities and Exchange Commission (“SEC”) for making false and misleading statements and omissions concerning a series of transactions (“Transactions”) conducted to prevent a takeover of the Company by Carl Icahn and his affiliates. During the Class Period, however, defendants misrepresented and/or failed to disclose the fact of the SEC investigation, the prospect of legal proceedings associated with the misconduct under investigation, and the Company’s exposure to loss in connection with such proceedings.