WARRANT HOLDERS WIN $51 MILLION IN SUIT AGAINST GETTY IMAGES FOR INTERFERENCE WITH THE EXERCISE OF THEIR WARRANTS

Rhea-AI Summary

Getty Images Holdings, Inc. has been ordered to pay $51 million plus interest to two substantial holders of its public warrants for wrongfully preventing them from exercising their warrants. The case, brought by Rakower Law PLLC and Crowell & Moring LLP, concluded on October 27, 2023, in the U.S. District Court for the Southern District of New York.

Positive

• Getty Images has been ordered to pay $51 million plus interest to the plaintiffs.
• The case was brought by Rakower Law PLLC and Crowell & Moring LLP.
• The plaintiffs were two substantial holders of Getty Images' public warrants.
• The plaintiffs were wrongfully prevented from exercising their warrants.
• The case concluded on October 27, 2023, in the U.S. District Court for the Southern District of New York.

Negative

• None.

NEW YORK, Oct. 31, 2023 /PRNewswire/ -- On February 8, 2023, Rakower Law PLLC, as lead counsel, commenced an action with Crowell & Moring LLP against Getty Images Holdings, Inc. ("Getty Images" or the "Company") (NYSE: GETY) on behalf of two substantial holders of Getty Images' public warrants. The complaint alleged that Getty Images wrongly prevented plaintiffs from exercising their warrants as of August 22, 2022 based upon the false claim the warrants could not be exercised until an SEC Form S-1 resale registration statement became effective. As the case progressed, additional counsel joined in leadership positions. 

Rakower Law Clients Win $51 Million against Getty Images for Denying their Right to Exercise Warrants

We are overjoyed to announce that on October 27, 2023, our clients won their case and were awarded $51 million plus interest due to Getty Images' breach in CRCM Institutional Master Fund (BVI) Ltd., et al. v. Getty Images Holdings, Inc., No. 1:23-cv-01074-JSR, a case brought in the U.S. District Court for the Southern District of New York.

Holders of Getty Images public warrants who were unable to exercise those warrants on or after August 22, 2022 are encouraged to contact Rakower Law.

ABOUT RAKOWER LAW PLLC

Rakower Law PLLC is a boutique commercial litigation firm located in New York City focusing on aggressively representing clients in complex commercial disputes. For more information visit: http://www.rakowerlaw.com.

CONTACT:
Michael C. Rakower
260 Madison Avenue, 15th Fl.
New York, NY 10016
mrakower@rakowerlaw.com
(212) 660-5550

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SOURCE Rakower Law

FAQ

What is the case about?

The case involves Getty Images wrongfully preventing two substantial holders of its public warrants from exercising their warrants.

Who brought the case against Getty Images?

The case was brought by Rakower Law PLLC and Crowell & Moring LLP.

What was the outcome of the case?

The plaintiffs won the case and were awarded $51 million plus interest.

Where was the case concluded?

The case concluded in the U.S. District Court for the Southern District of New York.