×

Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Digital Domain Media Group, Inc.

LOS ANGELES--(BUSINESS WIRE)-- Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Florida on behalf of a class (the “Class”) consisting of all purchasers of the common stock of Digital Domain Media Group, Inc. (“Digital Domain” or the “Company”) (OTC Markets:DDMGQ) between November 18, 2011 and September 6, 2012, inclusive (the “Class Period”), including purchasers of Digital Domain common stock in or traceable to the Company’s November 18, 2011 initial public offering, (the “IPO”), seeking to pursue remedies under the federal securities laws.

Digital Domain is a digital production company that engages in the creation of original content animation feature films, and the development of computer-generated imagery for feature films and advertising, primarily in the United States. The Complaint alleges that during the Class Period and in connection with the Company’s IPO, defendants made untrue statements of material fact and/or failed to disclose adverse facts concerning the Company’s financial condition. Specifically, the Registration Statement and the Prospectus filed with the Securities and Exchange Commission in connection with the IPO, and other public statements during the Class Period, made material misrepresentations and omissions concerning the Company’s ability to raise capital and fund its operations.

On September 18, 2012, an article published by the Palm Beach Post reported that Digital Domain had experienced difficulties meeting payroll in 2010, and that the Company’s then-Chairman and Chief Executive Officer, John C. Textor, had “predicted a ‘train wreck’ in an email to an investor in early 2010.”

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the above-described Class, you have certain rights, and have until November 19, 2012 to move for lead plaintiff status. 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 class member. To learn more, or if you have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com or visit our website at http://www.glancylaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Binkow & Goldberg LLP, Los Angeles, CA
Michael Goldberg
310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

Source: Glancy Binkow & Goldberg LLP