Source: Xinhua Finance Media
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."