Television Azteca, S.A. de C.V. - Securities Class Action

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Copyright (c) 2001
Stanford Law School

Television Azteca, S.A. de C.V. Summary: According to a press release dated May 25, 2007, the action has been certified as a class action for certain purposes and that a settlement for One Million Two Hundred Thousand Dollars ($1,200,000) has been proposed. A hearing will be held before the Honorable John E. Sprizzo in the United States District Court for the Southern District of New York, United States Courthouse, 500 Pearl Street, New York, New York 10007-1312, Courtroom 21C, at 3:00 p.m., on July 19, 2007 to determine whether: (1) the proposed Settlement should be approved by the Court as fair, reasonable and adequate; (2) Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved; (3) the Plan of Allocation should be approved; and (4) the claims against Defendants should be dismissed with prejudice.

By the Order entered on April 25, 2007, the court certifies for purposes of effectuating this settlement, a class pursuant to FRCP 23(c) consisting of all persons and entities who purchased or otherwise acquired the American Depository Receipt shares of TV Azteca between 6/17/03 and 1/9/04 inclusive. Pursuant to FRCP 23 and for purposes of this settlement only, lead plaintiff Alfonso de la Garza Evia Quiroga is appointed as class representative. Further, according to the Order, the court preliminarily approves the settlement of the action as set forth in the stipulation and the proposed plan of allocation, and a hearing pursuant to Rule 23(e) of the FRCP is scheduled to be held before the court on 7/19/07 at 3:00 p.m. before the Honorable John E. Sprizzo.

On April 16, 2004, the Court entered the Order granting the motions to appoint Alfonso de la Garza Evia Q. as Lead Plaintiff and to approve the selection of lead counsel. On November 3, 2004, the plaintiff filed a Consolidated Amended Complaint.

The suit alleges that during the Class Period defendants failed to disclose certain related-party transactions between a privately-held company jointly owned by the Company's Chairman, Ricardo Salinas Pliego ("Salinas") and the Company's President, M. Saba Masri ("Saba") and one of the Company's affiliates -- Unefon Corporacion RBS ("Unefon") a wireless telecommunications provider in Mexico. Specifically, defendants denied any affiliation with a "white-knight" group of investors that had saved Unefon from bankruptcy back in June of 2002. Defendants stonewalled disclosure of the true facts, including ignoring advice from their securities lawyers in the U.S., until a spin-off of Unefon was completed in December 2002. The spin-off anticipated that Unefon's shares would be registered to trade in the U.S. markets facilitating a merger with Salinas' other telecommunications holdings. Then, on January 9, 2004, defendants stunned the markets by admitting that the "white-knight" investors were in fact Salinas and Saba who made a profit of $218 million when their privately-held company bought Unefon's debt for $107 million and then sold it back for $325 million. Market reaction to defendants' belated disclosures was severe. By January 12, 2003, the first day of trading following the Company's admission the price of TV Azteca securities fell more than 14.9 percent in value to close at $7.76 per share in heavy trading volume.

INDUSTRY CLASSIFICATION:
SIC Code: 4833
Sector: Services
Industry: Broadcasting & Cable TV

COMPANY/ISSUER NAME:	Television Azteca, S.A. de C.V.
COMPANY/ISSUER TICKER:	TZA
COMPANY WEBSITE:	http://www.tvazteca.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Richardson, et al. v. TV Azteca, S.A. de C.V., et al.

COURT: S.D. New York	DOCKET NUMBER: 04-CV-546
JUDGE NAME: Hon. John E. Sprizzo
DATE FILED: 01/23/2004	SOURCE: Internet
CLASS PERIOD START: 10/06/2003	CLASS PERIOD END: 01/07/2004
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Bernstein Liebhard & Lifshitz LLP (New York, NY) 10 E. 40th Street, 22nd Floor, New York, NY, 10016 (voice) 800.217.1522, (fax) , info@bernlieb.com Brodsky & Smith, LLC (former Pennysylvania) 11 Bala Avenue, Suite 39, Bala Cynwyd, PA, 19004 (voice) 610.668.7987, (fax) 610.660.0450, esmith@Brodsky-Smith.com Cauley Geller Bowman Coates & Rudman, LLP (New York) 200 Broadhollow, Suite 406, Melville, NY, 11747 (voice) 631.367.7100, (fax) 631.367.1173, Law Offices of Brian M. Felgoise, P.C. Esquire at 261 Old York Road, Suite 423, Jenkintown, PA, 19046 (voice) 215.886.1900, (fax) , securitiesfraud@comcast.net Law Offices of Charles J. Piven, P.A. World Trade Center-Baltimore,401 East Pratt Suite 2525, Baltimore, MD, 21202 (voice) 410.332.0030, (fax) , pivenlaw@erols.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 5

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint
Type: Complaint		Date on the document: 01/23/2004

REFERENCE COMPLAINT

In Re: TV Azteca, S.A. de C.V. Securities Litigation

COURT: S.D. New York	DOCKET NUMBER: 04-CV-546
JUDGE NAME: Hon. John E. Sprizzo
DATE FILED: 11/03/2004	SOURCE: Business Wires
CLASS PERIOD START: 10/06/2003	CLASS PERIOD END: 01/07/2004
TYPE OF COMPLAINT: Consolidated Complaint
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Schiffrin & Barroway LLP 3 Bala Plaza E, Bala Cynwyd, PA, 19004 (voice) 610.667.7706, (fax) 610.667.7056, info@sbclasslaw.com Schiffrin Barroway Topaz & Kessler, LLP (Walnut Creek) 2125 Oak Grove Road, Suite 120, Walnut Creek, CA, 94598 (voice) 925.945.0200, (fax) 925.945.8792, info@sbtklaw.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE REFERENCE COMPLAINT
U.S. District Court Civil Docket
Type: Docket		Date on the document: 04/23/2007
Notice Of Proposed Settlement Of Class Action, Motion For Attorneys Fees And Reimbursement Of Expenses And Settlement Fairness Hearing
Type: Notice		Date on the document: 05/15/2007
Proof of Claim and Release
Type: Other		Date on the document: 05/15/2007
U.S. District Court Civil Docket
Type: Docket		Date on the document: 10/24/2008

OTHER DOCUMENTS
Class Action Complaint
Case Name and/or Number: Chrein
Type: Complaint		Date on the document: 01/27/2004

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