Vivendi class action falls
February 2, 2012
By Chris Forrester
A Class Action lawsuit from Vivendi investors who bought into the company when it was being run by Jean-Marie Messier some 10 years ago, has been largely dismissed.
The action, before US District Judge Richard Holwell in Manhattan, argued that Messier and his CFO at the time (Guillaune Hannezo) made materially false or misleading statements about the company’s health following Vivendi’s three-way merger in 2000 with Seagram and Canal Plus.
The judge’s decision revolved around the precedent established in 1934, and confirmed again in 2010, and which limited actions to events involving US-based securities. These actions were based on statements made covering Paris-based shares, even though many of the applicants bought US Depository Shares.