SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Unaffiliated Stockholders of the Filing of a Class Action Against RealNetworks, Inc. and Certain Officers - RNWK
NEW YORK, March 28, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against RealNetworks, Inc. ("RealNetworks" or the "Company") (NASDAQ: RNWK). The class action, filed in the United States District Court for the Western District of Washington, and docketed under 24-cv- 00297, 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 (the "Transaction") by Glaser and Glaser's investment entities Greater Heights LLC and Greater Heights Acquisition LLC.
If you were an unaffiliated stockholder who held RealNetworks shares and were cashed out on December 21, 2022, you have until May 3, 2024, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646.581.9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
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 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 herein. By virtue of their position as controlling persons, the Individual Defendants are liable pursuant to Section 20(a) of the Exchange Act throughout the Class Period, Defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class members have suffered significant losses and damages.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
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