New York, NY: (May-25-07) Several shareholder class action lawsuits were filed against Spanish-language television production company TV Azteca, S.A. de C.V. and certain of its officers and directors by stockholders who purchased the company's common stock between October 6, 2003, and January 7, 2004. The suits claimed that the company violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities.
In a settlement reached, the class action suits would be resolved with a $1,200,000 payout. The settlement entails motion for attorneys' fees and reimbursement of expenses and settlement fairness hearing as well as provides a recovery separate from the $8,700,000 settlement fund created in the action, which would be distributed to class members who submit timely and valid Proof of Claim and Release forms. [PR NEWSWIRE: TV AZTECA SECURITIES]