SFX’s Robert Sillerman, the Slugworth of electronic music, is under the gun once more.
Following the massive disappointment of TomorrowWorld and a resulting $100 million lawsuit, Sillerman’s displeased shareholders have taken action against him. After SFX Entertainment went public, the stock plummeted, forcing the company to make some harsh decisions. However, Robert Sillerman was quick to promise he could re-privatize and purchase all the outstanding shares, making everything right. What a bluff that’s turned out to be.
Now, Lundin Law PC has joined two other firms in a class action lawsuit against Sillerman, suggesting his violation of federal security laws due to “[making] misleading statements and/or [failure] to disclose a proposed acquisition of the company by SFX’s Chief Executive Officer and largest shareholder.” Any shareholders that would like to join the class action lawsuit have until November 10th before the court proceeds.
We’ll keep you informed with what becomes of Mr. Sillerman, but things are looking grim for the nation’s largest EDM conglomerate.
Source: Your EDM