NEW YORK--(BUSINESS WIRE)--Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against RealNetworks, Inc. (“RealNetworks” or “the Company”) (NASDAQ: RNWK) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all unaffiliated stockholders who held RealNetworks shares and were cashed out on December 21, 2022. Such investors are encouraged to join this case. Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/RNWK.
Case Details:
RealNetworks is a technology company that was instrumental in creating the streaming media category in the mid-1990s and is involved in numerous lines of technology related business today. In recent years, the Company has increasingly focused on developing artificial intelligence based products and services such as its Secure Accurate Facial Recognition computer vision platform and its “Kontxt” natural language processing based message classification and analysis product.
The class action is on behalf of the former minority shareholders of RealNetworks against RealNetworks and the former members of its Board of Directors, including Robert Glaser, the Company’s Founder, Chairman, Chief Executive Officer and largest shareholder, for their violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. § 78n(e) and § 78t(a). Plaintiff’s claims arise in connection with the acquisition of the Company by Glaser and Glaser’s investment entities Greater Heights LLC and Greater Heights Acquisition LLC.
The Complaint alleges that, the Individual Defendants had the ability to exercise control over and did control a person or persons who have each violated Section 14(a) of the Exchange Act, by their acts and omissions as alleged therein. Thus, by virtue of their position as controlling persons, the Individual Defendants are liable pursuant to Section 20(a) of the Exchange Act. Specifically, Defendants authorized the filing of a materially false and/or misleading Schedule 14A Definitive Proxy Statement with the SEC. The Proxy omits and/or misrepresents material information concerning:
(1) the sales process for the Company;
(2) management’s financial projections; and
(3) the data and inputs underlying the financial valuation analyses that purport to support the fairness opinion provided by Houlihan Lokey.
The Complaint further alleges that, because of Defendants’ wrongful acts and omissions throughout the Class Period and the ensuing precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.
What’s Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/RNWK or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in RealNetworks you have until May 3, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
