Lerach Coughlin Stoia Geller Rudman & Robbins LLP
("Lerach Coughlin") (http://www.lerachlaw.com/cases/dreamworks/) today
announced that a class action has been commenced in the United States
District Court for the Central District of California on behalf of
purchasers of DreamWorks Animation SKG, Inc. ("DreamWorks") (NYSE:DWA)
common stock during the period between January 3, 2005 and May 10,
2005 (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from June 2, 2005. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, William Lerach or Darren Robbins of Lerach Coughlin at 800-449-4900 or 619-231-1058, or via e-mail at wsl@lerachlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.lerachlaw.com/cases/dreamworks/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges DreamWorks and certain of its officers and directors with violations of the Securities Exchange Act of 1934. DreamWorks develops and produces CG animated films.
The complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding the Company's business and prospects, including statements regarding the continuing strong sales of its "Shrek 2" DVD. Then, on May 10, 2005, one or more Company insiders leaked inside information to a reporter at Newsweek. The same day, Newsweek ran a story titled "Insiders say DreamWorks is about to report surprisingly bad results," which stated that "the studio expects to report earnings substantially below the 60 cents per share that Wall Street analysts have estimated for the quarter." After the market closed on May 10, 2005, DreamWorks released its financial and operating results for Q1 2005 and reported revenues and earnings far short of previous guidance and analysts' expectations of earnings of $0.58 a share on revenue of $175.2 million.
According to the complaint, as a result of the defendants' false statements, DreamWorks' stock price traded at inflated levels during the Class Period, increasing to as high as $41.09 per share. However, after the truth began to be revealed in the Newsweek story and DreamWorks' press release on May 10, 2005, the Company's shares fell to below $33 per share.
Plaintiff seeks to recover damages on behalf of all purchasers of DreamWorks common stock during the Class Period (the "Class"). The plaintiff is represented by Lerach Coughlin, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Lerach Coughlin, a 150-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston, Philadelphia and Seattle, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Lerach Coughlin lawyers have been responsible for more than $20 billion in aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com) has more information about the firm.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from June 2, 2005. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, William Lerach or Darren Robbins of Lerach Coughlin at 800-449-4900 or 619-231-1058, or via e-mail at wsl@lerachlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.lerachlaw.com/cases/dreamworks/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges DreamWorks and certain of its officers and directors with violations of the Securities Exchange Act of 1934. DreamWorks develops and produces CG animated films.
The complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding the Company's business and prospects, including statements regarding the continuing strong sales of its "Shrek 2" DVD. Then, on May 10, 2005, one or more Company insiders leaked inside information to a reporter at Newsweek. The same day, Newsweek ran a story titled "Insiders say DreamWorks is about to report surprisingly bad results," which stated that "the studio expects to report earnings substantially below the 60 cents per share that Wall Street analysts have estimated for the quarter." After the market closed on May 10, 2005, DreamWorks released its financial and operating results for Q1 2005 and reported revenues and earnings far short of previous guidance and analysts' expectations of earnings of $0.58 a share on revenue of $175.2 million.
According to the complaint, as a result of the defendants' false statements, DreamWorks' stock price traded at inflated levels during the Class Period, increasing to as high as $41.09 per share. However, after the truth began to be revealed in the Newsweek story and DreamWorks' press release on May 10, 2005, the Company's shares fell to below $33 per share.
Plaintiff seeks to recover damages on behalf of all purchasers of DreamWorks common stock during the Class Period (the "Class"). The plaintiff is represented by Lerach Coughlin, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Lerach Coughlin, a 150-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston, Philadelphia and Seattle, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Lerach Coughlin lawyers have been responsible for more than $20 billion in aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com) has more information about the firm.
© 2005 Business Wire
