INVESTOR ALERT: Class Action Lawsuit Against DreamWorks Animation SKG, Inc. Announced by Law Offices of Howard G. Smith
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of the securities of DreamWorks Animation SKG, Inc. (“DreamWorks Animation” or the “Company”) (NASDAQ:DWA) between October 29, 2013 and July 29, 2014, inclusive (the “Class Period”).
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 complaint alleges that during the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
- DreamWorks Animation failed to take a timely write-down for Turbo, a 2013 feature film about a supercharged snail.
- The Company’s net income for the fiscal year of 2013 was materially overstated.
- The Company lacked adequate internal and control over financial reporting.
- The Company’s financial statements were materially false and misleading at all relevant times.
On July 29, 2014, the Company 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. DreamWorks Animation also reported a larger-than-projected 2014 second-quarter loss and sales that fell short of analysts’ forecasts. As a result of 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 are a member of the Class described above, you have until September 30, 2014, to move the Court to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, 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 email@example.com, or visit our website at http://www.howardsmithlaw.com.