Key Developments: FriendFinder Networks Inc (FFN.W)
0.76USD
7 Feb 2013
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$0.82
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Latest Key Developments (Source: Significant Developments)
FriendFinder Networks Inc Comments On Q4 2012 EBITDA Guidance
FriendFinder Networks Inc announced that the continued strengthening of the Company's operational results, the Adjusted EBITDA, which increased to $22.5 million for the third quarter of 2012 up 11.0% year over year and up 33% compared to the prior quarter and expects to see similar levels of adjusted EBITDA going forward. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $22.25 million for the fourth quarter of 2012. Full Article
FriendFinder Networks Inc Announces Management Change-Form 8-K
FriendFinder Networks Inc reported in its Form 8-K that effective October 5, 2012, FriendFinder Networks Inc. (FFN) and each of Marc H. Bell and Daniel C. Staton determined to change Messrs. Bell's and Staton's status from executive Co-Chairman of the Board of Directors (Board) and Chief Strategy Officer in Mr. Bell's case and Executive Co-Chairman of the Board in Mr. Staton's case to non-executive Co-Chairmen of the Board. In connection with this change in status, FFN and each of Messrs. Bell and Staton have agreed to terminate the Amended and Restated Employment Agreements, dated as of April 24, 2012, by and between FFN and Mr. Bell and FFN and Mr. Staton. No termination payments are being made pursuant to the Employment Agreements. Full Article
FriendFinder Networks Inc Issues FY 2012 Revenue Guidance In Line With Analysts' Estimates; EBITDA Guidance Below Analysts' Estimates
FriendFinder Networks Inc announced that for fiscal 2012, it expects to generate revenue of $340-$350 million. This represents year-over-year revenue growth of 2.6% to 5.6%. The Company also expects adjusted EBITDA of $75-$80 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $329 million and EBITDA of $90 million for fiscal 2012. Full Article
FriendFinder Networks Inc Issues Q1 2012 Charge Guidance
FriendFinder Networks Inc announced that for the first quarter of 2012, it expects to record a total charge of approximately $500,000, attributable mainly to workforce changes, consisting primarily of cash expenditures for separation related benefits. Full Article
Law Offices Of Howard G. Smith Announces Lead Plaintiff Deadline In Class Action Lawsuit Against FriendFinder Networks, Inc.
Law Offices Of Howard G. Smith announced that all persons or entities who purchased the common stock of FriendFinder Networks, Inc. (FFN or the Company) pursuant and/or traceable to the Company’s Registration and Prospectus issued in connection with the Company’s May 11, 2011 initial public offering (the IPO or the Offering), have until January 16, 2012 to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Southern District of Florida. According to the Company’s Registration Statement and Prospectus, there would be approximately 26.7 million common shares outstanding after the May Offering, including at least 20.9 million shares subject to a 180-day lock-up period, during which the shares could not be traded. The Complaint alleges that these statements were false and misleading when made because a material number of the Restricted Shares were publicly traded during the lock-up period. Furthermore, the Complaint alleges that the Company was suffering from deficient internal controls and was, therefore, unable to abide by the terms of the Registration Statement and Prospectus. No class has been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased FFN securities pursuant or traceable to the Company’s May 11, 2011 IPO, you have rights, and have until January 16, 2012, to move for lead plaintiff status. Full Article
Harwood Feffer LLP Announces Class Action Lawsuit Against FriendFinder Networks Inc
Harwood Feffer LLP announced that a class action suit was filed in the United States District Court for the Southern District of Florida against FriendFinder Networks, Inc. (FriendFinder or the Company) on behalf of all purchasers of FriendFinder securities pursuant and/or traceable to the Company’s Registration and Propsectus issued in connection with the Company’s May 11, 2011 initial public offering (the IPO). According to the Company's Registration Statement and Prospectus, there would be approximately 26.7 million common shares outstanding after the IPO, including at least 20.9 million shares subject to a 180-day lock-up period, during which the shares could not be traded (the Restricted Shares). The complaint alleges that these statements were false and misleading when made because a material number of the Restricted Shares were publicly traded during the lock-up period. Furthermore, the complaint alleges that the Company was suffering from deficient internal controls and was, therefore, unable to abide by the terms of the Registration Statement and Prospectus. Full Article
Law Offices of Howard G. Smith Announces Investigation of FriendFinder Networks Inc
Law Offices of Howard G. Smith announced that it is investigating potential claims against FriendFinder Networks Inc concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by the Company in connection with its May 11, 2011 public offering of common stock (the May Offering) regarding FFN`s business and operations were false and misleading. The investigation relates to the Registration Statement and Prospectus dated May 10, 2011 and May 11, 2011, respectively, issued in connection with the May Offering. According to the Registration Statement and Prospectus, there would be approximately 26.7 million common shares outstanding after the May Offering, including at least 20.9 million shares subject to a 180-day lock-up period, during which the shares could not be traded (the Restricted Shares). The investigation concerns allegations that these statements were false and misleading when made because a material number of the Restricted Shares were publicly traded during the lock-up period, and the Company was suffering from deficient internal controls and was, therefore, unable to abide by the terms of the Registration Statement and Prospectus. Full Article
Block & Leviton LLP Announces Class Action Lawsuit Against FriendFinder Networks Inc
Block & Leviton LLP announced that it has filed suit against FriendFinder Networks, Inc. FFN's officers, directors and two underwriters – Ladenburg Thalmann & Co. Inc. and Imperial Capital LLC – are also named as defendants. The lawsuit, captioned Greenfield Childrens Partnership v. FriendFinder Network, Inc. et al., 11-cv-24098, is pending in the United States District Court for the Southern District of Florida. The lawsuit alleges violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 on behalf of investors who purchased or otherwise acquired FFN's common stock pursuant to the May 11, 2011 public offering of its common stock. The complaint asserts that FFN, its officers, directors and Underwriters made false and misleading statements and omissions in the Registration Statement and Prospectus dated May 10, 2011 and May 11, 2011, respectively According to the May Offering Documents, after the offering there would be approximately 26.7 million common shares outstanding. Of these shares, at least 20.9 million were subject to a 180 day lock-up period, during which the shares could not be traded. These statements are alleged to have been false and misleading when made because: a material number of the Restricted Shares were publicly traded during the lock-up period; and the Company was suffering from grossly deficient internal controls and therefore was unable to abide by the terms of the May Offering Documents. Full Article
FriendFinder Networks Inc Announces Acquisition Of JigoCity For Consideration Of Up To $65 Million
FriendFinder Networks Inc (FFN) announced the acquisition of BDM Global Ventures Ltd., the company which owns the operations of JigoCity, for a combination of stock and warrants. The merger consideration consists of approximately 1.6 million shares of FFN common stock and approximately 6.4 million FFN warrants with exercise prices ranging from $5.00-$18.00 per share. Assuming the cashless exercise of all the warrants at the highest exercise price, the merger consideration will be approximately $65 million. JigoCity is a global social commerce organization committed to providing members with high quality daily deals that are relevant to their individual lifestyles. Following the acquisition, JigoCity will retain its brand identity while benefiting from FriendFinder Networks' website traffic and vast user base. JigoCity will remain based in Los Angeles, CA with its Asia Regional Headquarters in Shanghai, China. Full Article
FriendFinder Networks Inc Announces Acquisition of Matrima, Inc.'s PerfectMatch.com
FriendFinder Networks Inc announced the acquisition of PerfectMatch.com from Matrima, Inc. PerfectMatch.com is a online relationship service helping adults seeking successful, lasting connections. Adding to FriendFinder Networks' vast portfolio of social networking sites, PerfectMatch.com is a welcome addition to the platform of FFN's general audience websites. Full Article
Boutique investment bank Ledgemont seeks Chapter 7 bankruptcy
- Ledgemont Capital Group LLC, a boutique investment bank, filed for Chapter 7 bankruptcy to liquidate its assets, which it estimated at between $10 million and $50 million, according to court documents.
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