October 22, 2009

By By Associated Press

Vivendi SA says its former CEO Jean-Marie Messier and other former top executives have been ordered to stand trial on charges of misleading investors while they were transforming the once-stodgy water utility into a high-flying film, music and pay TV giant.

Vivendi said Thursday it was reviewing the order by investigating magistrate Jean-Marie d'Huy. The company is a plaintiff in the case.

The judge's decision to put Messier and six others on trial ignores a recommendation by Paris prosecutors that the case be thrown out.

The probe began in 2002 after a complaint by shareholders alleging the company misled investors into buying or holding Vivendi stock.

Others charged include ex-Vivendi executive vice president Edgar Bronfman, Jr. and former chief financial officer Guillaume Hannezo.

Subscribe to Billboard magazine today!