TransMedia Group Corrects Misstatements Made in April 9, 2008 Press Release That it Issued on Behalf of Pompano Helicopters
23 October 2008 - 11:05PM
PR Newswire (US)
BOCO RATON, Fla., Oct. 23 /PRNewswire/ -- TransMedia Group issues
this press release for the purpose of correcting certain
inadvertent misstatements that it made in a prior release dated
April 9, 2008, issued on behalf of Pompano Helicopters, Inc. The
April 9 release purported to summarize a decision issued by United
States District Judge William Zloch on a motion to dismiss a
Complaint filed against Westwood One, Inc. (NYSE:WON) by Pompano
Helicopters. Judge Zloch's decision found that three of the
Complaint's seven counts were barred by the statute of limitations,
and invited a renewed motion to dispose of the remaining four
counts after a factual record was developed in discovery that would
allow a statute-of-limitations analysis for those claims as well.
The April 9 release incorrectly stated that Judge Zloch had found
"sufficient cause" for the case to "proceed to trial." As a
decision on a motion to dismiss, Judge Zloch's decision was limited
to assessing whether the Complaint stated a claim for relief,
assuming its allegations to be true, such that the case could
proceed into the discovery phase of litigation. The decision did
not represent a finding of sufficient cause for trial. The April 9
release incorrectly stated that Pompano sought damages of "over
$400 million, which would exceed Westwood's current market
capitalization." Nothing in the Complaint suggest damages
approaching this magnitude. In fact, the Complaint alleges that
Pompano Helicopter's entire business was worth only $6 million, and
Judge Zloch dismissed the claim pursuant to which Pompano
Helicopters sought such damages. TransMedia Group apologies for the
confusion and misunderstanding that the April 9 release may have
caused, and notes that the April 9 release had been reviewed and
approved by Pompano Helicopters' representatives. CONTACT: Glen
Calder TransMedia Group (561) 750-9800, x 216 DATASOURCE:
TransMedia Group CONTACT: Glen Calder of TransMedia Group,
+1-561-750-9800, x 216,
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