Vivendi (VIV)

Index:

CAC 40

  9.79
   
  • Change Today:
     -0.17
  • 52 Week High:  11.08
  • 52 Week Low:  8.47
  • Currency: Euro
  • Shares Issued: 1,029.92m
  • Volume: 4,137,456
  • Market Cap:  10,087m
  • Beta: 0.84

Spinal Tap members to bring $400m case against Vivendi

By Conor Coyle

Date: Wednesday 08 Feb 2017

LONDON (ShareCast) - (ShareCast News) - The creators of the hugely successful rock comedy film This is Spinal Tap are reuniting in order to bring a lawsuit potentially worth $400m against French entertainment company Vivendi.
Harry Shearer, co-creator and star of the 1984 cult film, filed a case against Vivendi in October 2016, but has now been joined by Christopher Guest, Michael McKean and Rob Reiner as plaintiffs in the suit.

While Shearer's initial case alleged that "unfair business practices" in the years following Vivendi's purchase of the rights to the film cost him $125m, the revised complaint will now be worth $400m in total.

Vivendi is the parent company of such entertainment giants as Universal Music Group and French television channel Canal+.

The complaint from the four men suggests that Vivendi manipulated accounts processes in order to deny the full amount of royalties being given to the members of the fictional group.

It also alleges malpractice from Vivendi on its reporting of merchandising and soundtrack income, which the company said was only $81 and $98 respectively.

"The deliberate obfuscation by Vivendi and its subsidiaries is an outrage," Guest said. "It is vital that such behaviour is challenged in the strongest way possible."

"What makes this case so egregious is the prolonged and deliberate concealment of profit and the purposeful manipulation of revenue allocation between various Vivendi subsidiaries - to the detriment of the creative talent behind the band and film," Reiner added.

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Vivendi Market Data

Currency Euro
Share Price   9.79
Change Today   -0.17
% Change -1.73 %
52 Week High  11.08
52 Week Low  8.47
Volume 4,137,456
Shares Issued 1,029.92m
Market Cap  10,087m
Beta 0.84

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Trades for 31-Oct-2024

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