Baidu Secures Hong Kong’s First Robotaxi Test License, Marking Expansion Beyond Mainland China 
Global plastic pollution talks have stalled – but a treaty is possible if countries can agree on these three things 
Electric vehicle fires: How worried should we really be? 
‘Trump’s Budget Showdown!’—‘Uniting Congress or Brewing Chaos?’ Sparks Fierce Debate Over Spending and Relief Plans 
BYD Launches in Indonesia, Aiming to Electrify Taxis and Slash EV Costs for Blue Bird 
‘India’s GDP Growth Gamble!’—‘Will Modi’s Big Spending Plan Deliver or Spark an Economic Setback?’ Sparks Outrage! 
BYD Pressures Suppliers for 10% Price Drop to Stay Ahead in China's Tough NEV Market 
Kia’s EV4 Breaks Cover for 2025: Entry-Level Electric Sedan to Shake Up the Affordable EV Market 
Asset managers seek ETF tracking for top-traded crypto for 2025 
How much for cash? Why the informal economy is bad for business, consumers and society 
Tesla Rolls Out Apple Watch App with Key Access, Frunk Control, and Climate Features Next Week 
‘UK Economy on Shaky Ground' Ripple Effects from Trump’s Tariff Storm Could Hit Harder Than Predicted 
Xiaomi Gears Up for Custom 3nm Silicon Paired With MediaTek T90 5G Modem for Speed Innovation 
Paul Watson vs Japan: Disrupting the whaling industry’s logistics – and logic 
Giant Whale Stuns Crypto Community by Dumping Meme Coins for High-Flying LCAI Token 
Vivendi investors headed to the court on Tuesday, March 9, to file a lawsuit so they can collect €1 billion or $1.2 billion for damages. The group claimed that the French media company that owns the Universal Music Group drew up false financial statements during a merger deal 20 years ago.
The allegation against Vivendi
In the case filed at a Paris court, 90 investors were represented by Soffer Avocats law firm, and they alleged that back then, the top executives did not inform them about the full extent of Vivendi’s debt while the merger with Canal Plus and Seagram Co was being carried out, as per Reuters.
During Tuesday’s trial, Vivendi that also owns an array of units, including the Universal Music Group, Canal+, and Gameloft, was accused of presenting fake information to stockholders between the years 2000 and 2002.
At that time, Vivendi was headed by Jean-Marie Messier, and the investors believed he and the other executives showed them false information regarding the company’s finance to hide its massive liquidity crisis.
Vivendi’s firm denial
Vivendi denied the allegation through its lawyer, who told the media outlet that it was all baseless claims. In refuting the claims further, the lawyer also mentioned the previous verdict where the French ruled that Messier and the executives did not provide fraudulent data at the time.
“This case has already been judged several times in France, in particular by the criminal judge, who ruled out that Vivendi issued any false information,” Hervé Pisani, Freshfields law firm’s managing partner in Paris, said.
As per The Washington Post, the company's lawyers asserted that Vivendi’s financial troubles were not concealed but rather that securities fraud, it was the result of an “error of strategy.” In any case, while the media firm previously earned some points in the Paris court, Vivendi was found to have violated federal securities laws in separate legal proceedings in the U.S.
Meanwhile, it took many years for the recent trial to take place in court, and this was due to procedural and COVID-19-related delays. The verdict for this case is expected to be announced later, but the date has not been specified.
