BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of DreamWorks Animation SKG, Inc. (“DreamWorks Animation” or the “Company”) (NASDAQ:DWA). The investigation concerns possible violations of federal securities laws and focuses on statements issued by the Company concerning DreamWorks Animation’s operations and financial performance.
DreamWorks Animation is engaged in the development, production and exploitation of animated films and their associated characters worldwide through feature films, television, and consumer products. The investigation concerns allegations that the Company (1) failed to take a timely write-down for the 2013 feature film Turbo; (2) that the Company’s net income for fiscal year 2013 was materially overstated; and (3), that the Company lacked adequate internal and control over financial reporting.
On July 29, 2014, DreamWorks Animation disclosed that the Securities and Exchange Commission has been conducting an investigation related to the Company’s prior write-down of film inventory for Turbo. The Company also reported a larger-than-projected 2014 second-quarter loss and sales that fell short of analysts’ forecasts. Following this news, DreamWorks Animation shares fell nearly 12 percent, or $2.68 per share, on extremely heavy trading volume, to close at $19.98 on July 30, 2014.
If you purchased DreamWorks Animation shares between October 29, 2013 and July 29, 2014, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll-Free at 888-638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.