Vivendi’s rosy statements about its prospects while it was struggling to pay massive debts accrued during its global media acquisition spree justified a jury verdict for securities fraud, the U.S. Court of Appeals for the Second Circuit held Tuesday.
The circuit rejected the company’s defense that its optimistic projections between October 2000 to August 2002 were mere “puffery” and forward-looking statements that fall within the Private Securities Litigation Reform Act’s safe harbor provision.
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