Class action suit lost by Vivendi
www.WirelessFederation.com/news: French telecommunications and entertainment group Vivendi has been found guilty by a New York court guilty on all 57 counts of misleading shareholders on its financial health between October 2000 and August 2002.
A statement has already been issued by Vivendi citing its disagreement with the decision and its plan to appeal on the grounds of court’s decision to allow French shareholders to join the US class action, its rulings on jurisdiction, and the plaintiff’s method of proving and calculating damages.
A maximum damages at EUR 6.6 billion, down from EUR 8 billion has been estimated by attorneys for the plaintiffs.
According to Vivendi, damages will be calculated at a later stage, on a per-share and per-day basis, and that it is impossible to know at this time the total number of shares traded by class members, the dates of the sales and the number of class members who will submit a valid claim.