|[August 11, 2014]
Lieff Cabraser Announces Class Action Litigation Against DreamWorks Animation SKG, Inc. - DWA
SAN FRANCISCO --(Business Wire)--
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class
action litigation has been brought on behalf of those who purchased or
otherwise acquired the securities of DreamWorks Animation SKG, Inc.
("DreamWorks" or the "Company") (NasdaqGS: DWA) between October 29, 2013
and July 29, 2014, inclusive (the "Class Period").
If you purchased or otherwise acquired DreamWorks securities during the
Class Period, you may move the Court for appointment as lead plaintiff
by no later than September 30, 2014. A lead plaintiff is a
representative party who acts on behalf of other class members in
directing the litigation. Your share of any recovery in the action will
not be affected by your decision of whether to seek appointment as lead
plaintiff. You may retain Lieff Cabraser, or other attorneys, as your
counsel in the action.
DreamWorks investors who wish to learn more about the action and how to
seek appointment as lead plaintiff should click
here or contact Sharon M. Lee of Lieff Cabraser toll-free at
Background on the DreamWorks Securities Class
The actions charge DreamWorks and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. DreamWorks,
based in Glendale, California, creates computer animated feature films,
television programs, and online virtual worlds.
On July 17, 2013, the Company released Turbo, an animated film
about a snail given super-speed powers. The film, which cost $135
million, grossed only $83 million at the domestic box office and only
$282.6 million worldwide, a huge disappointment for the Company.
DreamWorks then waited until February 2014 before it announced a $13.5
million write-down for the Turbo movie.
The actions allege that, during the Class Period, defendants made false
and/or misleading statements and/or failed to disclose that: (1)
DreamWorks improperly accounted for the Turbo movie prior to the
write-down; (2) DreamWorks improperly accounted for the write-down
related to the Turbo movie; and (3) the Company lacked adequate
internal controls over financial reporting.
On July 29, 2014, during a conference call with analysts, DreamWorks
disclosed that it is under investigation by the Securities and Exchange
Commission ("SEC (News - Alert)") for its February 2014 write-down related to Turbo's
performance. On this news, the price of DreamWorks stock fell $2.68 per
share, or 11.83%, from a closing price of $22.66 on July 29, 2014, to
close at $19.98 on July 30, 2014, on extraordinarily heavy trading
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco,
New York, and Nashville, is a nationally recognized law firm committed
to advancing the rights of investors and promoting corporate
The National Law Journal has recognized Lieff Cabraser as one of
the nation's top plaintiffs' law firms for eleven years. In compiling
the list, the National Law Journal examines recent verdicts and
settlements and looked for firms "representing the best qualities of the
plaintiffs' bar and that demonstrated unusual dedication and
creativity." Best Lawyers and U.S. News have also named
Lieff Cabraser as a "Law Firm of the Year" each year the publications
have given this award to law firms.
For more information about Lieff Cabraser and the firm's representation
of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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