IM Internationalmedia’s Stock Plummets 50%

IM Internationalmedia’s stock plunged more than 50% after the company announced that it would be restating its earnings and that merger talks with Spyglass Entertainment had been unsuccessful. On the Frankfurt Neuer Market the company’s shares closed at $6.22 Monday, down from its Friday close of $16.26.

The film production and finance company with offices in Munich, London and Los Angeles said that, instead of merging with Spyglass, its Los Angeles-based subsidiary, Intermedia, would reorganize its operations to focus on producing big-budget event movies. The company said it is restating its finances as part of a change in its accounting systems, which will have a significant negative effect on the 2001 year-end figures to be presented March 14.

Corie Brown