Xinhua Finance Media Class Action Suit Dismissed
26 Fevereiro 2009 - 10:00AM
PR Newswire (US)
BEIJING, Feb. 26 /PRNewswire-Asia-FirstCall/ -- XFMedia
(NASDAQ:XFML) today announced that the U.S. District Court of New
York has dismissed the class action lawsuit against the Company,
CEO Fredy Bush, former CFO Shelly Singhal and the Company's IPO
underwriters. The lawsuit was initially filed in May 2007,
following the Company's IPO in March 2007, and was consolidated
with all other claims into a single class action lawsuit in August
2007. "With the dismissal of this lawsuit, we have been completely
vindicated," said XFMedia CEO Fredy Bush. "From the start, we have
said this lawsuit was wholly without merit. This ruling proves the
accusations were completely groundless and misleading, causing
undue harm to XFMedia and all of the individual defendants. With
this frivolous lawsuit behind us, we will be better able to focus
on our No. 1 priority delivering maximum value to our
shareholders." About XFMedia Xinhua Finance Media ("XFMedia";
NASDAQ: XFML) is a leading media group in China with nationwide
access to the upwardly mobile demographic. Through its synergistic
business groups, Broadcast, Print and Advertising, XFMedia offers a
total solution empowering clients at every stage of the media
process and connecting them with their target audience. Its unique
platform covers a wide range of media assets, including television,
radio, newspaper, magazine, outdoor, online and other media assets.
Headquartered in Beijing, the company has offices and affiliates in
major cities of China including Beijing, Shanghai, Guangzhou,
Shenzhen and Hong Kong. For more information, please visit
http://www.xfmedia.cn/ . Safe Harbor Statement This announcement
contains forward-looking statements. These statements are made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Among other
things, quotations from management in this announcement contain
forward-looking statements. Statements that are not historical
facts, including statements about XFMedia's beliefs and
expectations are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties that could
cause actual results to differ materially from those contained in
any forward-looking statements. Potential risks and uncertainties
include, but are not limited to, risks outlined in XFMedia's
filings with the U.S. Securities and Exchange Commission, including
its annual report on Form -20-F. All information provided in this
press release is as of the date hereof, and XFMedia undertakes no
duty to update such information, except as required under
applicable law. For more information, please contact: Media Contact
Joy Tsang XFMedia Tel: +86-21-6113-5999 Email: Lindsay Koval AGG
International Tel: +1-212-614-4170 Email: IR Contact Edward Liu
XFMedia Tel: +86-21-6113-5978 Email: Howard Gostfrand American
Capital Ventures Tel: +1-305-918-7000 Toll free: +1-877-918-0774
Email: DATASOURCE: Xinhua Finance Media CONTACT: Media Contact: Joy
Tsang, XFMedia at +86-21-6113-5999 or ; Lindsay Koval, AGG
International at +1-212-614-4170 or ; IR Contact: Edward Liu,
XFMedia at +86-21-6113-5978 or ; or Howard Gostfrand, American
Capital Ventures at +1-305-918-7000, toll free: +1-877-918-0774 or
Web site: http://www.xfmedia.cn/
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