An investigation on behalf of investors in Cineplex Inc. (OTC:CPXGF) shares over potential wrongdoing at Cineplex Inc. was announced and OTC:CPXGF stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/29/2022 -- Certain directors of Cineplex Inc. are under investigation over potential breaches of fiduciary duties.
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 concerns whether certain Cineplex Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
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:
Shareholders Foundation, Inc.
Christopher Clausen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, 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, investigation, and/or settlements are not filed/reached and/or 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.