A trial in an “F-Cubed” securities class action (i.e., claims by foreign investors who purchased shares of foreign companies on foreign exchanges) is scheduled to begin this week before Judge Richard Holwell (SDNY). The investors’ lawsuit is against Vivendi and two of its former executives. AmLaw Litigation Daily reports that Abbey Spanier Rodd & Abrams and Cravath, Swaine & Moore are representing the plaintiffs and defendants, respectively.
In the lawsuit, plaintiffs allege that Vivendi made false and misleading statements in 2001 and 2002, when it concealed a liquidity crisis. The court has certified a class that includes investors from France, England, the Netherlands, and the U.S.