On behalf of China-based AirMedia Group, Inc. and its CFO, Richard Wu, Skadden secured the complete dismissal of a securities class action complaint in which investors alleged AirMedia engaged in a scheme to artificially inflate the trading price of its American depositary receipts between April 7, 2015, and June 15, 2015, by issuing false and misleading statements in various press releases concerning two potential acquisitions by one of AirMedia's affiliated companies. In his dismissal on March 27, Judge Andrew L. Carter Jr. of the U.S. District Court for the Southern District of New York agreed with Skadden's arguments that the plaintiffs' securities claims failed because the complaint did not allege any actionable misstatement or omission by AirMedia.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates