As reported by a PR Web, New York Supreme Court Judge Debra James terminated the lawsuit against John Textor, former CEO of Digital Domain Media Group. The lawsuit against other defendants named in the case were also dropped.
In a 26 page opinion, Judge James said the attorney for the plaintiff failed to establish conclusively the investors’ claim that Textor had made any false or misleading statements or misrepresentations of material fact. The court also found there was no evidence that Textor had failed to disclose financial circumstances or projections for DDMG, or that any documents had altered or falsified.
Attorney for the plaintiffs, Arthur Abbey from the firm Abbey Spanier, LLP, made the argument that Textor and his fellow defendants had committed fraud, negligence, breach of good faith, misrepresentation, and breach of fair dealing. Abbey failed to show conclusive evidence.
Textor claimed that attorney, Arthur Abbey has a long history of filing claims involving top executives of very large firms and corporations and, according to Textor, has gathered a large number of plaintiffs. Textor furthermore, claimed that Abbey was more or less “copy catting” his cases.
The original lawsuit against Textor was filed by an action in 2013 by Iroquois Master Fund and Kingsbrook Opportunity Master Fund. John Textor and 13 other defendants were named in the suit.
The findings in this lawsuit were that John Textor, former CEO of DDMG, had in fact accurately disclosed all financial information with no evidence of any false or misleading information given by him. Findings also show that he had realistically projected the company’s financial situation to investors. In addition to termination of the lawsuit, plaintiffs were ordered to reimburse all court costs and fees.