Press release
Investigation announced for Investors in shares of Cineplex Inc. (OTC: CPXGF) over possible Violations of Securities Laws
An investigation for investors in Cineplex Inc. (OTC: CPXGF) shares over potential securities laws violations by Cineplex Inc.
Investors who purchased shares of Cineplex Inc. (OTC: CPXGF), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Cineplex Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Toronto, Canada based Cineplex Inc., together with its subsidiaries, operates as an entertainment and media company in Canada and internationally.
Cineplex Inc. reported that its annual Total Revenue declined from over $1.66 billion in 2019 to $418.26 million in 2020, and that its Net Income of $28.91 million in 2019 turned into a Net Loss of $628.94 million in 2020.
In December 2019, Cineworld executed a C$2.8 billion contract to acquire Cineplex.
Then, during the COVID-19 pandemic, the stock dropped to about $10 per share.
In the summer of 2020, Cineworld terminated its acquisition agreement after it "became aware of breaches."
Cineplex then sued Cineworld for breach of contract.
Recently, an Ontario court found Cineworld repudiated its transaction, resulting in a damage award of C$1.24 billion.
Analyst Owen Shirley said Cineworld's equity is likely to become a "volatile option on the outcome of this trial for the foreseeable future."
Those who purchased shares of Cineplex Inc. (OTC: CPXGF) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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