LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the August 24, 2015 deadline to file a lead plaintiff motion in the class action complaint filed on behalf of a class comprising purchasers of the securities of AirMedia Group, Inc. (“AirMedia” or the “Company”) (NASDAQ: AMCN) who purchased shares between April 15, 2015 and June 15, 2015 and have been damaged by the recent declines in the Company’s stock price. This class action seeks to recover damages against defendants for alleged violations of the federal securities laws.
AirMedia is a leading operator of out-of-home advertising platforms that focuses on selling time slots on its network in the People’s Republic of China. The complaint alleges that over the course of several months the Company misled investors into believing that a 5% portion of AirMedia, Ltd. would be sold to Shenzhen Liantronics Co. (“Liantronics”) at a total subsidiary valuation of $500 million.
On April 28, 2015, a news report published on seekingalpha.com alleged that the Company was misleading investors regarding the sale of AirMedia, Ltd., that the subsidiary was overvalued by the Company, and a sale would likely not be closed. In response, the Company confirmed to investors that it would sell a 5% stake in AirMedia, Ltd. to Liantronics at a total valuation of $500 million. Then on June 15, 2015, AirMedia announced entry into a definitive agreement to sell 75 percent of AirMedia, Ltd. for $344 million to Beijing Longde Wenchuang Fund Mgmt. Co., Ltd., a quick reversal from its earlier announcement regarding a sale of 5% of the subsidiary at a $500 million valuation. When this news was revealed, shares of AirMedia fell $1.29 per share, or nearly 20%, to close on June 15, 2015 at $5.97 per share thereby damaging investors.
If you purchased securities of AirMedia between April 15, 2015 and June 15, 2015, if you have information or would like to learn more about these claims, or have any questions concerning this announcement, please contact Casey Sadler of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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