NEW YORK--(BUSINESS WIRE)--MURRAY FRANK LLP announces an investigation into potential securities fraud violations by Focus Media Holding Ltd. (“Focus Media” or the “Company”) (NasdaqGS: FMCN) and certain of its officers, on behalf of purchasers of Focus Media securities between June 30, 2009 and November 30, 2011, inclusive (the “Class Period”).
The investigation concerns whether Focus Media accurately presented its financial condition to the investing public. Specifically, on November 21, 2011, investment analyst firm Muddy Waters, LLC (“Muddy Waters”) issued an analyst report stating that Focus Media misrepresented its financial statements and future prospects. According to Muddy Waters, Focus Media materially overstated the number of television screens that participate in its ad network. Further, it is alleged that the Company may have overpaid for other companies in takeovers in order to mask losses. In response to this news, the Company’s stock dropped almost 40% in a single day, closing at $15.43 on November 21, 2011.
If you purchased Focus Media securities within the Class Period and you have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.