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Vivendi Shareholders File Suit
At least two shareholder lawsuits seeking class-action status have been filed against Vivendi Universal and former chairman/CEO Jean-Marie Messier. The suits claim VU violated federal laws by concealing the true state of its finances, resulting in shareholder losses. Both actions seek damages.
One suit--filed July 16 in U.S. District Court in New York, on behalf of an entity known as Rosenbaum Partners--would cover purchasers of VU stock from Feb. 11 to July 3, 2002. Another--filed July 19 in U.S. District Court in California on behalf of Eleanor Turberg--would cover shareholders from April 23, 2001, to July 2, 2002. The latter suit also names as a defendant outgoing VU CFO Guillaume Hannezo.
A VU spokeswoman declined to comment. The company's American Depositary Shares closed yesterday down $1.03 at $16.29.
One suit--filed July 16 in U.S. District Court in New York, on behalf of an entity known as Rosenbaum Partners--would cover purchasers of VU stock from Feb. 11 to July 3, 2002. Another--filed July 19 in U.S. District Court in California on behalf of Eleanor Turberg--would cover shareholders from April 23, 2001, to July 2, 2002. The latter suit also names as a defendant outgoing VU CFO Guillaume Hannezo.
A VU spokeswoman declined to comment. The company's American Depositary Shares closed yesterday down $1.03 at $16.29.
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