Shell Energy Entrepreneurs banner Yudala banner
US lawyers investigate MultiChoice

By Ann Crotty on 06/12/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 418


Naspers’s hopes of a speedy resolution to the high-profile controversy around payments its 80% subsidiary MultiChoice made to SABC and ANN7 were dealt a hefty blow on Tuesday when a US law firm, specialising in class actions, announced it was investigating the company.

Pomerantz issued a statement in New York saying it was investigating claims on behalf of Naspers’s investors.

“The investigation concerns whether Naspers and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices,” Pomerantz said.

The law firm, which has been described by some US-based investors as the corporate equivalent of an ambulance chaser, has invited Naspers shareholders to join a class action. It pioneered corporate class actions and has been involved in many high-profile cases. “They’re not always successful but these are people you don’t really want looking into your business,” said an analyst.

The firm did not respond to queries about the level of support it had received.

In its statement, Pomerantz referred to MultiChoice’s decision to initiate a probe into whether improper payments were made to television station ANN7. There was no reference to MultiChoice’s payments to the SABC.

Although Naspers is listed on the JSE and does not have a secondary listing on any other market, the US firm is able to contemplate action on the basis of Naspers’s American Depositary Receipts (ADRs).

Pomerantz said these fell 5.6% on December 1.

It is unclear whether the action is restricted to holders of Naspers’s ADRs or is accessible to all shareholders.

Naspers spokeswoman Meloy Horn said this type of release from law firms was not uncommon in the US following announcements related to listed entities. “They don’t mean any legal proceedings are under way or will happen, and we have not been informed of any legal action from any of our investors,” she said.

Sourced from Business Day SA.

 

Source News Express

Posted 06/12/2017 1:03:05 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
HURIWA flays Boko attack on Fed College, calls...

Workhorse Van, Mercedes-Benz Vario Tow-Truck, hits Nigerian market...

Facebook to start TV broadcast, game shows

Abuja cab drivers to increase transport fares as...

Amosun blames insecurity on parental negligence

FG fails to make 18 percent contribution to...

Nigeria needs caretaker govt. before 2015 election, says...

Ukah congratulates Delta’s new LG Chairmen

Lagos to review Tenancy Law •Stakeholders query Agreement...

Train the youth and develop the nation, Akpabio...

Bash Ali architect of his misfortune —Sports Minister’s...

Ministry mulls concession of Abuja-Kaduna rail

 

Latest News Fresh PDP collapses after only one month FG to begin establishment of cattle colonies next week INVESTIGATION: Nigeria wastes 40 percent of food while millions of citizens die of hunger Police nabs 20 visa racketeers in Lagos Borno Govt. relaxes curfew in Maiduguri Rescued Canadians, Americans identified Trouble ahead as US Government shuts down •The implications Medical doctor tests positive to Lassa fever in Kogi Of Universal Senator, sycophants and Peter Obi, By Valentine Obienyem APGA stalwart eyes Senator Stella Oduah’s seat BREAKING: Kidnapped American, Canadian rescued in Kaduna Why I stand with Buhari, By Femi Adesina

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (315,693 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (305,808 views) Shameless Genevieve Nnaji exposes breasts in public (245,111 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (201,571 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (190,222 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (179,551 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,669 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (139,964 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (136,125 views) Lagos plane crash: Journalist releases victims’ names (124,596 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (121,855 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (119,025 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,854) Business Verdict (32) Columnists (792) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,749) Interviews (139) Live Commentary (28) Love Matters (100) News (32,034) Opinion (868) Pidgin (10) Politics (4,361) Religion (666) Sports (1,407) Stock Watch (26) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Thierry Henry in Lagos Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!