Vivendi announced today that a Federal Court in New York City agreed with its position and dismissed all of the securities fraud claims made by GAMCO Investors, Inc. and related entities.
GAMCO had alleged that Vivendi concealed an alleged liquidity risk in 2001 and 2002. In 2010, in a shareholder class action lawsuit, a jury ruled against Vivendi on similar claims. The Federal Court dismissed GAMCO's claims as a whole on March 1st, determining that GAMCO did not rely on the integrity of the market price in making their purchases of Vivendi stock and that they would have made those purchases notwithstanding the existence of an alleged liquidity risk.
In the claims process that is now underway in the class action, Vivendi may make similar challenges to the claims of individual shareholders as appropriate.
Disclaimer Forward Looking Statements. This press release contains forward-looking statements with respect to Vivendi`s financial condition, results of operations, business, strategy and plans. Although Vivendi believes that such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control, including but not limited to the risks described in the documents Vivendi has filed with the Autorité des Marchés Financiers (French securities regulator) and which are also available in English on our web site ( www.vivendi.com ). Investors and security holders may obtain a free copy of documents filed by Vivendi with the Autorité des Marchés Financiers at www.amf-france.org, or directly from Vivendi. The present forward-looking statements are made as of the date of this press release and Vivendi disclaims any intention or obligation to provide, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Unsponsored ADRs. Vivendi does not sponsor an American Depositary Receipt (ADR) facility in respect of its shares. Any ADR facility currently in existence is "unsponsored" and has no ties whatsoever to Vivendi. Vivendi disclaims any liability in respect of such facility.
Vivendi is at the heart of the worlds of content, platforms and networks.
Vivendi combines the world leader in video games (Activision Blizzard), the world leader in music (Universal Music Group), the French leader in alternative telecoms (SFR), the Moroccan leader in telecoms (Maroc Telecom), the leading alternative broadband operator in Brazil (GVT) and the French leader in pay-TV (Canal+ Group).
In 2012, Vivendi achieved revenues of €29 billion and adjusted net income of €2.55 billion. The Group has over 58,000 employees.