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Dreamworks Animation SKG, Inc.

Case Summary

Dreamworks Animation SKG, Inc. Securities Litigation

Case Summary

Case Status:    DISMISSED    
On or around 03/13/2017 (Other)

Filing Date: August 01, 2014

According to the law firm press release, DreamWorks Animation SKG, Inc. is a Delaware corporation engaged in the development, production, and exploitation of animated films and their associated characters worldwide. The Company was founded in 1985 and is headquartered in Glendale, California. Shares of DreamWorks trade on the NASDAQ Exchange under the ticker symbol "DWA".

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) DreamWorks improperly accounted for the Turbo movie prior to the write-down; (ii) DreamWorks improperly accounted for the write-down related to the Turbo movie; (iii) the Company lacked adequate internal and control over financial reporting; and (iii) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On July 29, 2014, during a conference call with analysts, DreamWorks Animation revealed that the Company is under investigation by the Securities and Exchange Commission for the $13.5 million write-down the studio took in February in relation to the poor performance of Turbo. The Company indicated that it is cooperating with the SEC but would not elaborate on the scope of the extent of the investigation.

On the news, shares in DreamWorks fell $2.68 or almost 12%, on extremely heavy trading volume, to close at $19.98 on July 30, 2014.

On October 22, 2014, the Court issued an Order consolidating cases, and appointing lead plaintiff and lead counsel. Lead Plaintiff filed a consolidated complaint on November 25.

On April 1, 2015, the Court issued an Order granting Defendants' motion to dismiss. Plaintiffs were given leave to file an amended complaint. Plaintiffs did not file an amended complaint. Thus this case was dismissed on April 24.

Company & Securities Information

Defendant: Dreamworks Animation SKG, Inc.

COMPANY INFORMATION:

Sector: Services
Industry: Motion Pictures
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: DWA
Company Market: NASDAQ
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

Charles Paddock, et al. v. Dreamworks Animation SKG, Inc., et al.

COURT: C.D. California
DOCKET #: 14-CV-06053
JUDGE: Hon. S. James Otero
DATE FILED: 08/01/2014
CLASS PERIOD START: 10/29/2013
CLASS PERIOD END: 07/29/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Complaint for Violations of the Federal Securities Laws 08/01/2014
2 PROCEEDINGS (In Chambers): ORDER GRANTING PLAINTIFF'S AND ROOFERS' MOTIONS TO CONSOLIDATE CASES [Docket Nos. 19, 22], GRANTING ROOFERS' MOTION TO APPOINT COUNSEL AND TO APPOINT LEAD PLAINTIFF [Docket No. 22] , DENYING PLAINTIFF'S MOTION TO APPOINT COUNSEL AND TO APPOINT LEAD PLAINTIFF [Docket No. 19] 10/22/2014

Reference Complaint

Roofers Local No. 149 Pension Fund, et al. v. Dreamworks Animation SKG, Inc., et al.

COURT: C.D. California
DOCKET #: 14-CV-06053
JUDGE: Hon. S. James Otero
DATE FILED: 11/25/2014
CLASS PERIOD START: 07/31/2013
CLASS PERIOD END: 07/29/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. Sullivan, Ward, Asher & Patton, P.C.
    25800 Northwestern Highway, 1000 Maccabees Center, Sullivan, Ward, Asher & Patton, P.C., MI 48075-1000
    248.746.0700 248.746.0700 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Corrected Consolidated Complaint For Violation Of The Federal Securities Laws 11/25/2014
2 Proceedings (in chambers): Order Granting Defendants' Motion To Dismiss [Docket No. 48] 04/01/2015
3 Proceedings (in chambers): Order Dismissing Case 04/24/2015
4 Lead Plaintiff's Notice Of Appeal And Ninth Circuit Rule 3-2 Representation Statement 06/18/2015
5 U.S. District Court Civil Docket 03/13/2017

Related District Court Filings

—Related District Court Filings Data is not available
 
 

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