Opening statements have begun in a class action lawsuit that includes shareholders from France, England and the Netherlands against the Vivendi media group.
A lawyer for the class told a Manhattan jury Tuesday that the company continued to make glowing statements about its growth and earnings even as it faced a liquidity crisis. The class includes investors who bought shares as the French group neared bankruptcy in 2002.
It was initiated by French shareholders who accused Vivendi and its top executives of hiding the company’s real financial situation.
From www.findlaw.com