Since I don't speak attorney... a literal translation, please, and how this'll affect Navarre's purchase of FUNimation?
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Press release: http://www.animenewsnetwork.com/pres...se.php?id=1157
The PDF complaint file: http://www.lerachlaw.com/cases/navarre/complaint.pdf
It's all boiling down to stocks and investor shares. If you want to come along and join in the wacky lawsuit fun, sign up here. - http://www.lerachlaw.com/lcsr-cgi-bi...case-cert.html
So the whole FUNI purchase was nothing but a ploy to fool investors? What will this mean for FUNI?
Originally Posted by Captain Highwind
I don't speak attorney either, but from what I understood, when Navarre purchased Funimation, they sent a press release (about the purchase), and in it, they listed the price of their stock to be higher than what it actually is, then selling some $13 million worth of stocks and fooling investors to buy Navarre stock...I think...someone give an actual definitionOriginally Posted by Freedom Fighter
Life is victory and Death is defeat.
This isn't ok, but Enron can do this?
Basically, it sounds like Navarre inflated the prices of their stock through faulty accounting to boost their own profits. Like when they bought Funimation for $100 million and "between 1.495 million and 1.827 million shares." At the time those stocks were worth $18.77, which add up to be quite a lot. Then dependents of Navarre sold more of the stock, probably around the same $18.77 price.
Then some crap happens and it's discovered that Navarre stock is actually only worth about $7 per share, much less than what they said. In the end, Navarre and it's dependents walk away with millions and random people who bought Navarre stock lost half their investment through faulty accounting.
Think of it as a smaller version of Enron.
What does this mean for Funimation? Is the comapny basicly dead because of this, or will they be set free to be thier own company again?
I think the company is dead, the goverment will probably sieze and sell the assets, including all the series, movies they have licensed and own the rights to.
O Stars, listen to our plea, Thy kin whose lives are but short, We ask that you might guide us. Lead us throughout eternity.
from the national anthem of Frybarec Gloer Gor Bari ( Humankind Empire Abh)
Why would Funi be punished for Navarre's mistake?Originally Posted by beren
According to the Editor in Chief over there, Funimation was just a pawn in the whole deal. They can sue for fraud as well should they need to because they weren't at all involved with making fake stock prices.
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