Vivendi Pays $50 Million in Settlement with S.E.C.

OnTheBounce · Post by **OnTheBounce** » Wed Dec 24, 2003 5:31 pm

[Company -> Update]

<html><body>The New York Times reports that Vivendi Universal has agreed to pay a settlement resulting from a civil fraud complaint brought by the Securities and Exchange Commission (SEC). The suit alleged that executives at Vivendi Universal mislead investors with its news releases and financial statements.A break-down of the settlement: [list=a:ba3d8c6db1]
 
 [*:ba3d8c6db1] Vivendi: $50 million civil penalty, which is to be used to compensate shareholders who were affected by their poor and/or misleading financial disclosures.
 
 [*:ba3d8c6db1] Jean-Marie Messier, former chief executive: $1 million penalty and gave up claims on a $26 million (21 million Euros) severance package he had negotiated from Vivendi. He is also barred from serving as an officer or director of a public company for 10 years.
 
 [*:ba3d8c6db1] Guillaume Hannezo, former chief financial officer: $120,000 civil penalty and will return roughly $150,000. He is also barred from serving as an officer or director of a public company for 5 years. [/list:o:ba3d8c6db1]Note, all of these provisions are part of a settlement and were made without any admission nor denial of wrong-doing.Here is a link to the actual article: <A HREF="http://www.nytimes.com/2003/12/24/business/24vive.html" TARGET="_blank">Click Me</A>. However, since it's the NY Times online edition you will need to register in order to see the actual article.Wishing you and yours the happiest of holidays, and financial ruin on corrupt executives everywhere,OTB</body></html>

Dan_Wood · Post by **Dan_Wood** » Wed Dec 24, 2003 11:03 pm

That's a big ol' shock there... Their parent company playing investors for fools.

Wonder which embattled gaming company's gonna get itself reamed raw now...

Zetura Dracos · Post by **Zetura Dracos** » Wed Dec 24, 2003 11:40 pm

Im not sure why but this news really brightens my day. Merry Christmas Vivendi not quite the year end bonus your employees were expecting is it? Ha ha...

OnTheBounce · Post by **OnTheBounce** » Thu Dec 25, 2003 9:50 pm

Dan_Wood wrote:Wonder which embattled gaming company's gonna get itself reamed raw now...

Like having a bunch of debt x-ferred to it, then being thrown to the Chapter 11 wolves?

OTB

wump · Post by **wump** » Fri Dec 26, 2003 11:33 am

Economics is not my strongest point.
Can someone tell me how this relates to IPLY>BIS>FO3 ?

And best wishes for all..

Mad Max RW · Post by **Mad Max RW** » Fri Dec 26, 2003 6:47 pm

From what I can remember, Vivendi was going to distribute BGDA2 and FOBOS before Christmas. Then Interplay sued them for somekinda breach of nonsense and ended up delaying both games a few months. It didn't go anywhere and Vivendi is still distributing Interplay's games through 2005.

Duck and Cover

Vivendi Pays $50 Million in Settlement with S.E.C.

Vivendi Pays $50 Million in Settlement with S.E.C.

TEH SH0XX0R!

Re: TEH SH0XX0R!