N.Y. lawyers launch class-action suit against Livent
Article Abstract:
Livent Inc., a theater company in Toronto, Ontario, is the target of a class-action suit filed by the law firm Bernstein Litowitz Berger & Grossman LLP of New York on allegations that it padded profit for the past nine years by materially overstating Livent's revenues. Livent has also been accused of understating its amortization expense connected to preproduction costs reflected on its balance sheets. The suit names Livent's present and former senior officials and board of directors as defendants. It specifically aims at Livent founders Garth Drabinsky and Myron Gottlieb as the ones responsible for aggressive accounting that goes against generally accepted accounting principles (GAAP) in the US.
Comment:
Is named in class-action suit filed by law firm for alleged padding of profit for past nine years
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Livent shakeup gets shareholders' nod
Article Abstract:
Livent Inc.'s shareholders have approved the company's radical reorganization move. The shareholders have agreed to hand the control of the company to a new management, including Hollywood mogul Michael Ovitz and New York investment banker Roy Furman. The company will now have Garth Drabinsky as chief creative director and Myron Gottlieb as executive vice president of Canadian administration. According to Drabinsky, they will devote their time on the development, production and marketing aspects of the business. The company plans to expand the company through acquisitions of more real estate.
Comment:
Shareholders have approved the company's radical reorganization move
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Black, Pattison buy stake in Livent
Article Abstract:
Livent Inc., a live theatre production company, will sell stake to newspaper baron Conrad Black, Vancouver entrepreneur Jim Pattison and investment banker Herb Allen for US$14 million. Black's Southam Inc. will invest $12.2 million in exchange for 1.5 million Livent common shares. Pattison's Great Pacific Financing Inc. will also acquire 100,000 shares of Livent for $8 each. Allen & Co. will also acquire 100,000 shares for the same amount. According to Livent CEO Roy Furman, the investments represent support in the company and its potential.
Comment:
To sell stake to newspaper baron Conrad Black, Vancouver entrepreneur Jim Pattison & investment banker Herb Allen for US$14 mil
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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