PSL expresses ‘grave concerns’ about Digital Domain, shareholder sues ex-CEO Textor for fraud

Workers departing Digital Domain Media Group’s Port St. Lucie studio. (Source: Palm Beach Post: Hobie Hiler/Special to Treasure Coast Newspapers)

The Palm Beach Post reports that Port St. Lucie, the city that was Digital Domain Media Group’s biggest benefactor, recently slammed the company in court, and a shareholder suit accused former Chairman and Chief Executive John Textor of fraud and “materially false and misleading statements.”

In bankruptcy court in Delaware, the city of Port St. Lucie expressed “grave concerns” about Textor taking job incentives earlier this year even as his movie effects company teetered on the brink of failure. Port St. Lucie issued bonds totaling $40 million and cash incentives of $7.75 million, including a $2.25 million payment in February.

For the complete story: http://www.palmbeachpost.com/news/business/shareholder-suit-accuses-former-digital-domain-cha/nSHDF/

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