LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces the filing of a class action lawsuit on behalf of investors of SFX Entertainment, Inc. (“SFX” or the “Company”) (Nasdaq: SFXE) who purchased shares between February 25, 2015 and August 17, 2015, inclusive (the “Class Period”) and have been damaged by the recent declines in the Company’s stock price. SFX investors have until November 10, 2015 to file a lead plaintiff motion.
SFX engages in the production of live events and digital entertainment content that focuses on the electronic music culture (EMC) and other festivals. Robert F.X. Sillerman (“Sillerman”), SFX's CEO and largest shareholder, proposed to acquire SFX by purchasing all of the outstanding common stock he did not already own. However, following news that Sillerman would no longer consider purchasing the Company, shares of SFX declined sharply in value.
The complaint alleges that the defendant Sillerman knew or recklessly disregarded and failed to disclose that he did not have any financing in place at the time he made his initial offer and knew or recklessly disregarded that he could not obtain the financing to consummate the transaction. The complaint also alleges that Sillerman's true intent was not to take the Company private, but to sell it along with his 34.9 million shares.
If you purchased SFX securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, 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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