'Penthouse' Reorganization Wrongly Releases Parties In IPO Action, Investors Say

WILMINGTON, Del. - A principal in an investment company that is the lead plaintiff in a class action against one of the affiliates of bankrupt PMGI Holdings Inc., the parent company of adult entertainment empire carrying the name "Penthouse," on Dec. 9 filed an objection to PMGI's plan of reorganization, contending that it improperly releases individuals responsible for violating securities laws during an initial public offering (IPO) of common stock (In Re: PMGI Holdings Inc., No. 13-12404, Chapter 11, D. Del. Bkcy.).

Access this news story on lexis.com®