Robbins Arroyo LLP Announces Class Action Lawsuit Against Focus Media Holding Limited
March 13, 2013 (San Diego, CA) – Robbins Arroyo LLP announces that the firm commenced a class action lawsuit on February 22, 2013, in the U.S. District Court, Northern District of California, San Francisco Division, on behalf of the holders of Focus Media Holding Limited (“Focus Media”) (NASDAQ: FMCN) common stock against Focus Media and its board of directors for, among other things, violations of sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 (the “Exchange Act”) in connection with the proposed acquisition of Focus Media by Giovanna Parent Limited (“Giovanna”).
The complaint arises out of a December 19, 2012 press release announcing that Focus Media had entered into a definitive merger agreement with Giovanna, pursuant to which Focus Media shareholders would receive $5.50 in cash for each share of Focus Media they own (the “Proposed Transaction”).
The complaint alleges that certain of the defendants, in connection with the Proposed Transaction, breached or aided and abetted the other defendants’ breaches of their fiduciary duties of loyalty and due care owed to Focus Media shareholders. The complaint further alleges that, in an attempt to secure shareholder approval of the Proposed Transaction, the defendants filed a materially false and misleading Form SC13E-3 transaction statement with the U.S. Securities and Exchange Commission in violation of sections 14(a) and 20(a) of the Exchange Act. The omitted and/or misrepresented information is believed to be material to Focus Media shareholders’ ability to make an informed decision about whether or not to vote in favor of the Proposed Transaction.
The complaint seeks injunctive relief on behalf of the named plaintiff and all other Focus Media shareholders (the “Class”) as of December 19, 2012. The plaintiff is represented by Robbins Arroyo LLP.
If you wish to serve as lead plaintiff, you must move the Court no later than sixty days from March 13, 2013. To discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003 or you can complete the form below and we will contact you directly. Any member of the 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.
Robbins Arroyo LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm’s skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. Robbins Arroyo LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.