BENSALEM, Pa. -- (Business Wire)
Law
Offices of Howard G. Smith announces that a class action lawsuit has
been filed in the United States District Court for the Central District
of California on behalf of purchasers of the securities of DreamWorks
Animation SKG, Inc. (“DreamWorks Animation” or the “Company”)
(NASDAQ:DWA) betweenOctober 29, 2013 and July 29, 2014,
inclusive (the “Class Period”).
DreamWorks Animation is engaged in the development, production and
exploitation of animated films and their associated characters worldwide
through feature films, television, and consumer products. The complaint
alleges that during the Class Period defendants made false and/or
misleading statements and/or failed to disclose that:
-
DreamWorks Animation failed to take a timely write-down for Turbo,
a 2013 feature film about a supercharged snail.
-
The Company’s net income for the fiscal year of 2013 was materially
overstated.
-
The Company lacked adequate internal and control over financial
reporting.
-
The Company’s financial statements were materially false and
misleading at all relevant times.
On July 29, 2014, the Company disclosed that the Securities and Exchange
Commission has been conducting an investigation related to the Company’s
prior write-down of film inventory for Turbo. DreamWorks
Animation also reported a larger-than-projected 2014 second-quarter loss
and sales that fell short of analysts’ forecasts. As a result of this
news, DreamWorks Animation shares fell nearly 12 percent, or $2.68 per
share, on extremely heavy trading volume, to close at $19.98 on July 30,
2014.
If you are a member of the Class described above, you have until
September 30, 2014, to move the Court to serve as lead plaintiff, if you
meet certain legal requirements. 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 member of the Class. If you wish
to learn more about this action, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite
112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847,
Toll-Free at 888-638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
Contacts:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Source: Law Offices of Howard G. Smith
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