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US jury rules for shareholders in Vivendi suit

US jury rules for shareholders in Vivendi suit

A jury on Friday decided in favor of U.S. and European shareholders who said the Vivendi media group lied to the public about its shaky finances.
The company was found liable, but not its executives, according to the jury at the U.S. District Court in Manhattan
Vivendi said it will appeal.
Thousands of investors from the United States, France, England and the Netherlands say Vivendi covered up its troubles in 2001 and 2002. The company flirted with bankruptcy before reorganizing successfully.
Jean-Marie Messier was forced out as CEO in July 2002, when the company was known as Vivendi Universal.
Defendants in the trial were Vivendi, Messier and former chief financial officer, Guillaume Hannezo.
The jury found Vivendi 100 percent responsible for misstatements or omissions that misled shareholders.


Updated : 2021-06-19 21:29 GMT+08:00