| Company: | DreamWorks Animations SKG, Inc. |
| Ticker Symbol: | NYSE: DWA |
| Class Period: | October 27, 2004 to May 10, 2005 |
| Date Filed: | Jun-02-05 |
| Lead Plaintiff Deadline: | Aug-01-05 |
| Court: | Central District, CA |
| Allegations: |
A class action lawsuit was filed on behalf of all purchasers of securities of DreamWorks Animations SKG, Inc. ("DreamWorks" or the "Company") (NYSE: DWA - News) between October 27, 2004 and May 10, 2005, inclusive (the "Class Period").
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of DreamWorks securities. The action captioned Pfeffer v. DreamWorks Animation SKG, Inc., et al., is pending in the United States District Court for the Central of California against defendants DreamWorks, Jeffery Katzerberg (Chief Executive Officer) and Roger Enrico (Chairman of the Board).
The Complaint alleges that starting on October 27, 2004 and continuing until May 10, 2005, defendants made a series of materially false and misleading statements regarding the about Dreamworks business and earnings. During the Class Period the Company filed its Form 10-K for its year ended December 31, 2004. In addition, the Company issued press releases on November 8, 2004, March 17, 2005 and May 10, 2005. The Complaint alleges that throughout the Class Period, defendants failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: a) that sales of Shrek2 DVD's were declining; (b) retailers were returning to the Company massive amounts of unsold Shrek 2 DVD inventory; (c) the Company was shipping products far in excess of the actual demand for those products; and (e) as a result of the foregoing, defendants' opinions and statements concerning the Company's current and future earnings lacked a reasonable basis at all times.
On May 10, 2005, Dreamworks announced that Shrek 2 did not meet the company's retail sales expectations for the first quarter. The Company reported for the first time that the "sales shortfall resulted in a higher level of returns than expected. As a result, DWA recorded no revenue from Shrek 2 in the quarter other than from licensing and merchandising." On this news the price of DreamWorks stock dropped from $36.50 to close at $32.05.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of DreamWorks securities. The action captioned Pfeffer v. DreamWorks Animation SKG, Inc., et al., is pending in the United States District Court for the Central of California against defendants DreamWorks, Jeffery Katzerberg (Chief Executive Officer) and Roger Enrico (Chairman of the Board).
The Complaint alleges that starting on October 27, 2004 and continuing until May 10, 2005, defendants made a series of materially false and misleading statements regarding the about Dreamworks business and earnings. During the Class Period the Company filed its Form 10-K for its year ended December 31, 2004. In addition, the Company issued press releases on November 8, 2004, March 17, 2005 and May 10, 2005. The Complaint alleges that throughout the Class Period, defendants failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: a) that sales of Shrek2 DVD's were declining; (b) retailers were returning to the Company massive amounts of unsold Shrek 2 DVD inventory; (c) the Company was shipping products far in excess of the actual demand for those products; and (e) as a result of the foregoing, defendants' opinions and statements concerning the Company's current and future earnings lacked a reasonable basis at all times.
On May 10, 2005, Dreamworks announced that Shrek 2 did not meet the company's retail sales expectations for the first quarter. The Company reported for the first time that the "sales shortfall resulted in a higher level of returns than expected. As a result, DWA recorded no revenue from Shrek 2 in the quarter other than from licensing and merchandising." On this news the price of DreamWorks stock dropped from $36.50 to close at $32.05.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
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