Lawyers are advertising that they are looking for RealNetworks investors to join in a proposed class action against the facial recognition firm.
Bronstein, Gewirtz & Grossman has filed the suit claiming that the defendants “authorized the filing of a materially false and/or misleading Schedule 14A Definitive Proxy Statements with the (U.S. Securities and Exchange Commission).”
The proxy in question allegedly omits and/or misrepresents material information about sales processes, financial projections by managers and data used to support valuation analyses of the company created by the investment bank Houlihan Lokey. Those wanting to join the suit have until May 3.
The allegedly inaccurate statements are tied to the 2022 purchase of RealNetworks by company founder and CEO Rob Glaser and his investment firms Greater Heights and Greater Heights Acquisition.
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