Ex-Vivendi Execs Must Face Securities Claims

Ex-Vivendi Execs Must Face Securities Claims - 3/16/2009

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright © 2001
Stanford Law School

2009 News and Press Releases

SEARCH

News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

SETTLEMENT NEWS:

Ex-Vivendi Execs Must Face Securities Claims
Erin Marie Daly

Securities Law 360. March 16, 2009
_________________________________________________________________________

EXCERPT: A federal judge has shot down bids for partial summary judgment by two former executives of Vivendi Universal SA in the long-standing securities fraud class action alleging that they and their former employer made false and misleading statements that caused the company's securities to trade at artificially inflated prices. In an order Friday, Judge Richard J. Holwell of the U.S. District Court for the Southern District of New York denied requests by defendants Jean-Marie Messier and Guillaume Hannezo that they be dismissed from securities fraud claims based on false or misleading statements they argue they never made. Former Vivendi CEO Messier had contended that he was not liable for seven purportedly false statements made after his resignation from Vivendi in July 2002, or for 23 false statements that the individual plaintiffs admit he did not make. Messier had also argued that because plaintiffs could not establish a primary securities law violation against him with respect to the false statements, their claims that he acted as a “control person” with respect to the alleged misstatements must be dismissed as well. In his motion for partial summary judgment, former Chief Financial Officer Hannezo had argued he wasn't liable for unattributable statements made in company press releases, presentations by others and unsigned company filings because the plaintiffs couldn't prove that he had the ability to direct the actions of Vivendi, and therefore, that he exercised actual control over Vivendi. But Judge Holwell denied both motions in an order Friday that gave no details for his decision. However, the judge did say he would grant Hannezo's motion to dismiss the claim against him for unjust enrichment.

Back to News page | Back to Archived News 2009 page | Back to Top

�