Shareholder

Scientific-Atlanta Shareholders Approve Acquisition by Cisco Systems

Authored by Mark Hefflinger on February 2, 2006 - 7:14am.

Atlanta - Scientific-Atlanta, a developer of digital content distribution equipment, said on Thursday that its shareholders have approved an acquisition of the company by Cisco Systems for $43 in cash per share, for a total of around $6.9 billion. The deal remains subject to approval by regulators in various jurisdictions outside the U.S., but is expected to close during the current quarter, the companies said. Cisco anticipates that the addition of Scientific-Atlanta will give it a stronger presence in the home entertainment market.

CNET, Wired News Cover Steve Jobs, Disney's New Largest Shareholder

Authored by Mark Hefflinger on January 25, 2006 - 8:57am.

San Francisco - CNET News.com and Wired News on Wednesday reported on the ascent of Apple/Pixar CEO Steve Jobs to become Disney's largest shareholder, a result of that company's $7.4 billion acquisition of Pixar on Tuesday. Wired News took Jobs to task for his relative lack of philanthropy when compared with Microsoft chairman Bill Gates.

Toymaker Jakks Pacific Faces Shareholder Suit Over WWE Bribery Charges

Authored by Mark Hefflinger on November 17, 2004 - 5:02am.

Bala Cynwyd, Pa. -- A shareholder class action lawsuit has been filed against toymaker Jakks Pacific, in connection with the company's alleged engagement in bribery and fraud in order to obtain a license to create video games with World Wrestling Entertainment (WWE). The shareholder action, filed by the law firm of Schiffrin & Barroway, LLP, argues that the company's stock and shareholders have been negatively affected by the alleged bribery scheme; shares of Jakks Pacific have fallen from $24.15 before the WWE lawsuit was filed to under $13 per share, and are now hovering just above $17 per share.

tags: WWE | Shareholder | Toymaker | Jakks |

Netflix Faces Shareholder Class Actions Over "Churn Rate" Numbers

Authored by Mark Hefflinger on July 23, 2004 - 4:43am.

Los Angeles -- A number of law firms have announced the filing of shareholder class action lawsuits against online DVD rental firm Netflix, alleging the company misled investors by not disclosing accurate subscriber cancellation numbers. The lawsuits argue that Los Gatos, Calif.-based Netflix "consistently understated its subscriber churn rate," and "failed to disclose the number of subscriber cancellations… even as they repeatedly touted the large number of new subscribers being added." Following a recent earnings release that for the first time stated subscriber cancellations, the company's stock declined 38% in value, to $20 per share. The suit further states that Netflix executives sold approximately $13 million in Netflix shares when the stock was trading closer to $40 per share.

tags: Netflix | Shareholder | Churn Rate |

Video Game Developer Activision Faces Shareholder Class Action Suit

Authored by Mark Hefflinger on March 8, 2004 - 6:34am.

Santa Monica, Calif. -- Video game developer and publisher Activision said on Monday it strongly denies the allegations contained in a class action lawsuit filed against the company, alleging it overstated revenues and earnings during 2001 and 2002 in order to inflate its stock price. The lawsuit was filed on March 5 in California federal court by the Construction Industry and Carpenters Joint Pension Trust for Southern Nevada, and seeks unspecified damages. Santa Monica, Calif.-based Activision's games include the popular "Tony Hawk Pro Skater" and "Call of Duty" franchises.

tags: Activision | Video Game | Shareholder | Action Suit |

Gemstar Pays $67.5 Million to Settle Several Shareholder Class Actions

Authored by Mark Hefflinger on February 12, 2004 - 9:13am.

Los Angeles -- Gemstar-TV Guide International, a provider of interactive program guides for digital TV services, announced on Thursday that it has settled a group of shareholder class action lawsuits brought in the midst of an accounting scandal that resulted in the SEC suing a number of top executives at the company. The company will pay plaintiffs a total of $67.5 million in cash and stock to settle the suits. "This settlement is a significant step in Gemstar-TV Guide's efforts to resolve the legal issues that have faced the company," said Gemstar CEO Jeff Shell. "As we put the issues related to past management behind us, the new executive team can focus more completely on maximizing the opportunities for growth and development in front of us." Los Angeles-based Gemstar said that the current settlement does not resolve related shareholder derivative suits or the non-consolidated securities fraud cases pending against the company.

tags: Shareholder | Gemstar | Class Actions |