DreamWorks Animation was cleared of class-action suit charges that it hid bad news and misled investors over prospects for its "Turbo" toon.
A California federal judge dismissed the suit Wednesday, saying while executives' upbeat forecasts turned out to be wrong, there was "a series of reasoned factors that led the company to anticipate 'Turbo' would be profitable."
The animated feature about a snail transformed into a world-class racer grossed $283 million worldwide after its release in July 2013. That same year, in earnings calls for the company's second and third quarters, the suit charges
DreamWorks with asserting the flick "will be," "is" and "was" profitable.
But the second-quarter transcript reveals that studio CEO Jeff Katzenberg actually said: "Based on the data that we have to date, we do believe that 'Turbo' will be a profitable film." He used similar "we believe" terminology in the third quarter.
In February 2014, when DreamWorks took a $13.5 million writedown on the film, the market sent its stock down 12 percent. The judge attributed the stock's slide to "bad news" rather than fraud.
The shares fell another 12 percent after the studio disclosed that the Securities and Exchange Commission was investigating.
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