ots Ad hoc-Service: Intertainment AG <DE0006223605> Intertainment files law suit against Franchise Pictures (USA)
Ismaning n. Munich (ots Ad hoc-Service) -
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Intertainment Licensing GmbH, a subsidiary of Intertainment AG, which is listed on the Neuer Markt in Frankfurt, has filed a complaint against Franchise Pictures LLC, Franchise Pictures Inc., their Chairman and CEO Elie Samaha, their President and COO Andrew Stevens, several production firms of the Franchise Group as well as other parties in US- District Court (Federal Court) in Los Angeles today.
Intertainment Licensing GmbH and the Franchise group of companies have an existing contract, under which Intertainment Licensing GmbH wanted to acquire the rights for at least 60 films during a 5 year period. Intertainment Licensing GmbH has sublicensed some of the acquired film rights to several European territories.
In its complaint Intertainment Licensing GmbH asserts that due to fraudulently inflated production budgets of the films produced by Franchise, Intertainment Licensing GmbH has been damaged through fraud and racketeering activity for an amount exceeding US $ 75,000,000 . In its complaint, Intertainment Licensing GmbH is primarily seeking compensation therefor in addition to Punitive Damages and raises further claims.
Franchise has raised counterclaims and informed that it intends to file a complaint against Intertainment Licensing GmbH.
The outcome of this litigation might have considerable effects on turnover and profit of Intertainment AG for the current and subsequent fiscal years. The ongoing business relationships to sublicenses are concerned hereof as well.
Intertainment Aktiengesellschaft Osterfeldstraße 84 85737 Ismaning Telephone: 089/216 99-0 Telefax: 089/216 99-11 Internet: http://www.intertainment.de E-Mail: investor@intertainment.de
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Original content of: Intertainment AG, transmitted by news aktuell