Gabelli Group Capital Partners : Gabelli Global Multimedia Trust, Inc. Securities Litigation
On or around 01/12/1999 (Other)
Filing Date: August 28, 1997
According to the closing Order entered on January 12, 1999, from U.S. District Judge Barrington D. Parker Jr. of the U.S. District Court of the Southern District of New York, it is hereby stipulated and agreed that the actions are hereby dismissed on the merits, with prejudice and with all rights of appeal waived. The case is closed.
The original complaint alleges that GGT and its directors violated Section 14 of the Securities Exchange Act of 1934, Section 20 of the Investment Company Act of 1940, and state law by making material misstatements and omissions in soliciting shareholder proxies to remove GGT's restriction on the issuance of senior securities. The complaint alleges that the defendants: (1) falsely suggested that the only risk to the shareholders of issuing senior securities was the risk associated with leveraging the fund and (2) failed to disclose that the preferred stock defendants planned to issue would have the right to elect at least two directors and to veto any shareholder vote on a proposal to open-end GGT.
Company & Securities Information
Defendant: Gabelli Global Multimedia Trust, Inc.
Industry: Other (Mutual Fund)
Headquarters: United States
Ticker Symbol: GGT
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Opportunity Partners L.P., et al. v. Gabelli Global Multimedia Trust, Inc., et al.