Costs of lawsuit settlement drive Gaiam to loss in third quarter
LOUISVILLE — Gaiam Inc., a lifestyles media company and provider of yoga, wellness and fitness products, on Thursday reported a loss of $8.8 million, or 36 cents per share, for its third quarter that ended Sept. 30.
The loss was a result of Gaiam incurring $10.7 million in costs associated with arbitration and settlement of a lawsuit filed against Gaiam by Los Angeles-based Cinedigm Corp. earlier this year.
Cinedigm Corp. sued Louisville-based Gaiam alleging there was fraud and wrongful conduct in the $51.5 million deal in 2013 in which Cinedigm bought Gaiam’s home entertainment division, GVE Video distribution.
