NEW YORK, Dec. 6, 2022 /PRNewswire/ — Moore Kuehn, PLLC, a securities and shareholder law firm located on Wall Street, is investigating potential claims against:
- Getty Images Holdings Inc. (NYSE: GETY) or CC Neuberger Principal Holdings II (NYSE: PRPB)
***Contact fmoore@moorekuehn.com
Moore Kuehn is investigating Getty Images (NYSE: GETY) F/K/A CC Neuberger Principal Holdings II (NYSE: PRPB) for potential breaches of fiduciary duty and/or securities law violations.
Getty went public through a SPAC merger with CC Neuberger Principal Holdings II. Shares of the combined company, newly named Getty Images Holdings, became be available for investors at $9.35 per share on Monday, July 25, 2022.
Since hitting an all-time high of $33.93 as a publicly traded company on Monday, August 15, 2022, Getty is down more than 80% trading at $5.32 as of December 6, 2022. Approximately 99% of the investors in its $828 million SPAC transaction with CC Neuberger Principal Holdings II – opted out. The deal still closed in July as planned, thanks to additional funds supplied by affiliates of the SPAC sponsor.
While stock initially spiked, this jump was short lived after “the unexpected share price jump triggered several “earn-out” clauses, meaning tens of millions of additional shares were issued to Getty family members, and a few million to the SPAC sponsors. Plus about 6 million employee share awards were unlocked by the gyrating stock price. And naturally this added dilution caused the stock to sink even further.” See Chris Bryant, Bloomberg, SPAC + Meme Stock = Dangerous Combination (https://www.barrons.com/articles/getty-images-public-company-again-51658789459).
On August 29, 2022, while the stock was still trading around all-time highs, insider Neuberger Berman Group LLC sold 3,502,002 shares at $30.47 per share for total proceeds of $106,706,001.
If you still own or owned GETY, please contact Fletcher Moore, Esq. by email at fmoore@moorekuehn.com or telephone at (212) 709-8245.
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Moore Kuehn, PLLC
Fletcher Moore, Esq.
30 Wall Street, 8th Floor
New York, New York 10005
fmoore@moorekuehn.com
(212) 709-8245
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