Fernando J. Espuelas et al.

Litigation Release No.22285 / March 13, 2012

Accounting and Auditing Enforcement Release No. 3369 / March 13, 2012

Securities and Exchange Commission v. Fernando J. Espuelas et al., Civil Action No. 06 CV 2435 (PAE) (S.D.N.Y. filed Mar. 29, 2006)

FORMER STARMEDIA EXECUTIVE AGREES TO SETTLEMENT IN SEC LITIGATION

The U.S. Securities and Exchange Commission today announced that on March 12, 2012, the U.S. District Court for the Southern District of New York entered a settled final judgment as to Adriana J. Kampfner, the former Senior Vice President for Global Sales for StarMedia Network, Inc., a now-defunct Internet portal, in Securities and Exchange Commission v. Fernando J. Espuelas et al., Civil Action No. 06 CV 2435 (PAE) (S.D.N.Y. filed Mar. 29, 2006). The Commission's injunctive action alleged violations of the federal securities laws by eight former StarMedia executives. The Commission's amended complaint alleges, in relevant part, that for fiscal year 2000 and the first two quarters of fiscal year 2001, StarMedia's books and records misstated the company's revenue.

Without admitting or denying the allegations in the amended complaint, Kampfner consented to the entry of the Final Judgment permanently enjoining her from future violations of Rule 13b2-1 promulgated under the Securities Exchange Act of 1934 (Exchange Act), and from aiding and abetting violations of Section 13(b)(2)(A) of the Exchange Act.

Two defendants remain in the litigation. See Litigation Releases No. 22023 (July 1, 2011); No. 21880 (Mar. 9, 2011); No. 19839 (Sept. 20, 2006); No.19627 (Mar. 29, 2006).