Time Warner

Los Angeles, CA: (Mar-12-07) The University of California, Los Angeles filed charges against Time Warner, accusing it of being responsible for the loss of $550 million dollars in market value in university investments. The suit alleged that Time Warner company executives inflated the value of AOL stock before and after the merger of AOL and Time Warner by misrepresenting sales and revenues while selling their own shares. Also that when the stock price peaked, company executives cashed in millions of stock options and used company money to repurchase 30.2 million shares on the open market to maintain the stock's value. In a settlement reached, Time Warner will pay the university $246 million to recover losses. [DAILY CALIFORNIAN: TIME WARNER FRAUD]

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Published on Mar-12-07