Allegations of Securities Fraud, Intentional Misrepresentations, Fraudulent Concealment, Breach of Fiduciary Duty and Breach of Contract at Center of Five-Year Dispute
Verdict of release dated June 19, 2012 should read: nearly $2.25 million (sted $2.3 million) and adding to end of first graph: Mr. Cinel also obtained punitive damages against each of the defendants in amounts totaling nearly $450,000.
The corrected release reads:
MANATT TRIAL TEAM OBTAINS MULTI-MILLION DOLLAR VERDICT AND PUNITIVE DAMAGES ON BEHALF OF BRAZILIAN BUSINESSMAN SEEKING DAMAGES FOR SECURITIES FRAUD
Allegations of Securities Fraud, Intentional Misrepresentations, Fraudulent Concealment, Breach of Fiduciary Duty and Breach of Contract at Center of Five-Year Dispute
A Manatt, Phelps & Phillips, LLP trial team, led by partner Robert Platt and associate Emil Petrossian, announced today that it obtained a nearly $2.25 million verdict on behalf of Washington Umberto Cinel, a Brazilian businessman. The four-week trial culminated with a jury verdict in favor of Mr. Cinel on all counts before Judge Malcolm Mackey in the Los Angeles County Superior Court. Mr. Cinel also obtained punitive damages against each of the defendants in amounts totaling nearly $450,000.
The defendants in the case are high-profile leaders in the entertainment industry and the Christian faith-based sector. They include George Barna, founder and former director of the Barna Group; David Kirkpatrick, former president of Paramount Pictures; Martha Cotton, former senior producer of the PAX show "Faith Under Fire" and former West Coast producer of "The Today Show" for NBC News; and Thom Black, a former partner of the Barna Group. A separate trial will proceed in November against a fifth defendant, Christopher Chisholm, an award winning producer, director and writer who was on the founding team of E! Entertainment Television.
The lawsuit arose from the defendants' formation and operation of the Los Angeles-based company, Good News Holdings, a now-defunct media and entertainment company that was engaged in creating and distributing Christian faith-based entertainment and content through traditional and new media. Mr. Cinel filed a complaint in 2008 alleging that he was fraudulently induced into investing $2.25 million in Good News Holdings in late 2006 and early 2007. The jury found that the defendants breached their investment contract with Mr. Cinel, made intentional misrepresentations, intentionally concealed material information, violated state securities laws and breached their fiduciary duties.
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Contacts:
Manatt, Phelps & Phillips, LLP
Lawrence Martinez, 310-231-5443
lmartinez@manatt.com
