SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

July 01, 2015 16:11 ET

SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of AirMedia Group Inc. of Pendency of Class Action Lawsuit and a Lead Plaintiff Deadline of August 24, 2015 -- AMCN

NEW YORK, NY--(Marketwired - Jul 1, 2015) -  The following statement is being issued by Levi & Korsinsky, LLP:

To: All persons or entities who purchased or otherwise acquired American Depositary Receipts of AirMedia Group Inc. ("AirMedia") (NASDAQ: AMCN) between April 15, 2015 and June 15, 2015

You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the Southern District of New York. If you purchased or otherwise acquired AirMedia ADRs between April 15, 2015 and June 15, 2015, your rights may be affected by this action. To get more information go to:

http://zlk.9nl.com/airmedia-group-amcn

or contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.

The complaint alleges that the Company made false statements regarding the sale of a 5% interest in AirMedia's advertising subsidiary, AirMedia Group Co., Ltd. to Shenzhen Liantronics Co. Ltd., and the negotiated valuation of the subsidiary. Specfically, the complaint alleges, AirMedia announced that the deal "reflected the total valuation of AM Advertising of RMB3 billion," or $500 million; then the Company allegedly made additional statements claiming that RMB3 billion/$500 million was a solid valuation of the AM Advertising subsidiary.

Then on June 15, 2015, the Company announced that it entered into an agreement to sell a 75% interest in AM Advertising for RMB2.1 billion/$344.4 million, significantly less than the purported value the Company claimed. Upon this news, AirMedia ADRs fell more than 50% over the following two days.

If you suffered a loss in AirMedia you have until August 24, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    30 Broad Street - 24th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171
    www.zlk.com