Judge Orders Medient Studios To Stop All Operations - Local news, weather, sports Savannah | WSAV On Your Side

Judge Orders Medient Studios To Stop All Operations

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EFFINGHAM COUNTY, GA - There are new developments in the shakeup of leadership at Medient Studios.  Now a judge has ordered the production company to stop all operations for the time being. 

A Nevada judge has granted a temporary restraining order against Medient Studios.  This comes at the request of former CEO Manu Kumaran.  Kumaran, along with several other executives, was ousted in an apparent hostile takeover last month. 

A Nevada judge has issued an injunction prohibiting Medient Studios from issuing new stock, spending money belonging to the company, signing new contracts, or "any and all other business operations involving Medient."  All of this comes at the request of former CEO Manu Kumaran, who is suing the company's board and asking the judge to dissolve the company. 

News 3 first told you last month that Kumaran had filed a lawsuit in Nevada, where Medient is incorporated.  We first heard of Medient Studios last year when the film company broke ground, promising a huge studio in Effingham County and more than 1,000 jobs. 

Kumaran though, was kicked out for allegedly diluting company stock.  Medient's stock was suspended by the Securities and Exchange Commission on June 25th, because of "questions raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the company's total shares outstanding and its operations." 

The stock is now worth less than one penny per share.  And many are wondering if the studio will ever be built at all. 

A hearing in the case is scheduled for July 23rd in Reno, Nevada.  We've reached out to both of Medient's P.R. firms and new CEO Jake Shapiro, but we've heard no answer other than 'no comment'.   
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