Two related class actions have been commenced in the United States District Court for the District of Columbia on behalf of certain purchasers of the Defendant’s Class B shares and restricted depositary shares. The class period took place during the period from June 19, 2007 through March 17, 2008. On March 17, 2008, the Royal Court of Guernsey entered a "winding up" order directing that the Defendant be liquidated.
Both complaints in against the Defendant allege violations of the Exchange Act.
The Complaints allege that, throughout the Class Period, the defendants made material misrepresentations and failed to disclose material adverse facts about the Company's true financial condition, business and prospects. Specifically, the Complaints allege that, inter alia, defendants caused the Company to disseminate financial statements that were not fairly presented and failed to make complete and timely disclosures concerning certain actions taken by the Defendant’s officers and directors which resulted in the Company's eventual entry into "winding up" proceedings.
On October 7, 2011, the Court entered an Order to Consolidate Cases.
On November 16, 2011, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel.
On December 5, 2011, the Plaintiffs filed their consolidated complaint.
On August 13, 2012, the Court entered the Order granting defendants' motions to dismiss with prejudice.
On June 4, 2013, the Court issued an Order denying plaintiffs' Motion for Leave to File an Amended Consolidated Complaint and/or to Amend the Judgment.
On June 11, 2013, the Plaintiffs filed an Amended Notice of Appeal.