SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased or otherwise acquired the securities of DreamWorks Animation SKG, Inc. (“DreamWorks” or the “Company”) (NasdaqGS: DWA) between October 29, 2013 and July 29, 2014, inclusive (the “Class Period”).
If you purchased or otherwise acquired DreamWorks securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than September 30, 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.
DreamWorks 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 DreamWorks Securities Class Litigation
The actions charge DreamWorks and certain of its officers and directors with violations of the Securities Exchange Act of 1934. DreamWorks, based in Glendale, California, creates computer animated feature films, television programs, and online virtual worlds.
On July 17, 2013, the Company released Turbo, an animated film about a snail given super-speed powers. The film, which cost $135 million, grossed only $83 million at the domestic box office and only $282.6 million worldwide, a huge disappointment for the Company. DreamWorks then waited until February 2014 before it announced a $13.5 million write-down for the Turbo movie.
The actions allege that, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) DreamWorks improperly accounted for the Turbo movie prior to the write-down; (2) DreamWorks improperly accounted for the write-down related to the Turbo movie; and (3) the Company lacked adequate internal controls over financial reporting.
On July 29, 2014, during a conference call with analysts, DreamWorks disclosed that it is under investigation by the Securities and Exchange Commission (“SEC”) for its February 2014 write-down related to Turbo’s performance. On this news, the price of DreamWorks stock fell $2.68 per share, or 11.83%, from a closing price of $22.66 on July 29, 2014, to close at $19.98 on July 30, 2014, on extraordinarily heavy trading volume.
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.
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