TheWrap Makes Clarifications to ‘Legends of Oz’ Investor Loss Story

TheWrap Makes Clarifications to 'Legends of Oz' Investor Loss Story

Illustration by William Scalia

Clarifications to our story about producers Ryan and Roland Carroll, whose animated movie made just $9 million after raising $100 million

On June 24, 2014, The Wrap posted an article titled “Yellow Brick Mess: How a Failed ‘Wizard of Oz’ Movie Became a $100 Million Investor Nightmare.”  The Wrap made corrections and clarifications to the article, a revised version of which can be found here, and regrets any reader confusion.

Here are the corrections and clarifications:

1. The original article stated that Ryan and Roland Carroll are “operators” of First National Information Network. The Carrolls told TheWrap that they sold First National Information Network in 2000 and they deny being involved in its operations since that time.

2. The original article stated that no fewer than six states issued “cease and desist” letters to companies connected to Ryan and Roland Carroll in an attempt to shut down fundraising for the film in each state.  While some states barred companies connected to the Carrolls from offering securities to investors, other states prohibited the companies from seeking investors in those states unless the companies fully complied with state securities laws.  Readers can review various state directives/orders here:  California, Alabama, Texas, Washington and Wisconsin.  Readers can also view Washington's Statement of Charges.

3. The original article stated that the film “Legends of Oz: Dorothy's Return” set the all-time record for worst opening weekend for a wide-release animated movie.  At least one other wide-release animated movie had a worse opening weekend box-office, making “Legends of Oz: Dorothy's Return,” one of the biggest computer graphic box office flops of all time.

The full article with these revisions can be found here (http://www.thewrap.com/legends-of-oz-box-office-flop-investors/)