NEW YORK, Sept. 28, 2012 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announced today that the firm has filed a class action on behalf of all purchasers of Digital Domain Media Group, Inc. (OTCBB:DDMGQ) stock in the Company's initial public offering on November 18, 2011, as well as those investors who bought DDMG stock between November 18, 2011 and September 6, 2012.
If you purchased DDMG stock you may join the DDMG class action by visiting the firm's website at http://rosenlegal.com; you may call Phillip Kim, Esq., toll-free, at 866-767-3653 or email email@example.com for information on the class action.
The Complaint alleges that defendants misrepresented the Company's true financial condition. Namely, defendants (a) did not accurately describe the Company's "burn rate" of cash and the Company's ability to continue as a going concern; (b) failed to disclose that at the time of the IPO, DDMG CEO Textor had entered into an undisclosed loan agreement for $10 million which was secured by DDMG shares; and (c) failed to disclose that certain members of DDMG's senior management had previously served as senior management of another company that went bankrupt in 2008. The Complaint alleges that these undisclosed facts materialized in the form of DDMG's bankruptcy filing on September 11, 2012, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than November 19, 2012. A lead plaintiff is a representative party acting on behalf of other absent class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Jonathan Horne, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at firstname.lastname@example.org or email@example.com. You may also visit the firm's website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Prior results do not guarantee a similar outcome.
Phillip Kim, Esq. Jonathan Horne, Esq. The Rosen Law Firm P.A. 275 Madison Avenue, 34th Floor New York, New York 10118 Tel: (212) 686-1060 Weekends Tel: (917) 562-8616 Toll Free: 1-866-767-3653 Fax: (212) 202-3827 www.rosenlegal.com
The Rosen Law Firm PA PC
New York, New York, UNITED STATES