US District Court Allows Telenor Claims against Altimo in US Securities Case to Proceed to Trial
26 3월 2008 - 6:46PM
Marketwired
OSLO, NORWAY The US District Court in New York yesterday issued
an opinion in the action brought by Telenor in June 2007, alleging
violations of the US securities laws by Altimo and four other Alfa
Group affiliates in connection with their purchases of 9.5 per cent
of VimpelCom shares between August 2006 and May 2007.
Among other things, the Court held that the facts pleaded by
Telenor "support a plausible inference that [the Alfa Group
defendants] (1) intended to acquire control of VimpelCom and (2)
failed to adequately disclose that intent in their 13D filings."
The Court also held that Telenor had "pled facts that support an
inference that [the Alfa Group defendants] engaged in an
unconventional tender offer" and denied the Alfa Group entities'
motion to stay the action and force Telenor into an arbitration
proceeding. The Court dismissed Telenor's insider trading claims
because Telenor was not able, at the present time, to identify
which Alfa executives may have traded on the basis of information
disclosed in confidence to the VimpelCom Board.
The case will now proceed to the discovery phase, in which the
Alfa Group will have to produce documents and make its personnel
available for depositions, at which their testimony will be taken
under oath in advance of the trial.
Telenor owns 33.6% of VimpelCom's shares of common stock and
29.9% of VimpelCom's voting capital stock.
A complete copy of the Court's opinion is available at
http://hugin.info/130231/R/1203285/246655.pdf
Further information:
Dag Melgaard, Vice President Group Communications, Telenor ASA
tel: +47 901 92 000
e-mail: dag.melgaard@telenor.com
Copyright � Hugin AS 2008. All rights reserved.
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