A lawsuit was filed on behalf of investors in Sinclair Broadcast Group, Inc. (NASDAQGS: SBGI) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 08/29/2018 -- An investor, who purchased shares of Sinclair Broadcast Group, Inc. (NASDAQGS: SBGI), filed a lawsuit over alleged violations of Federal Securities Laws by Sinclair Broadcast Group, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Sinclair Broadcast Group, Inc. (NASDAQGS: SBGI) should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On May 8, 2017, Sinclair Broadcast Group, Inc. and Tribu Tribune Media Co (NYSE:TRCO) announced that they have entered into an agreement under which Sinclair will acquire 100% of the issued and outstanding shares of Tribune Media Co (NYSE:TRCO) for $43.50 per share.
On August 3, 2017, Sinclair Broadcast Group, Inc filed a Form with the U.S. Securities and Exchange Commission disclosing that the U.S. Department of Justice had requested additional information and documentary material pertaining to the agreement.
On July 26, 2018, post-market, it was reported that the U.S. Department of Justice ("DOJ") is investigating whether Tribune Media Company, Sinclair Broadcast Group, Inc., and other independent television station owners had violated antitrust law by "coordinat[ing] efforts when their ad sales teams communicated with each other about their performance, potentially leading to higher rates for TV commercials".
The plaintiff alleges on behalf of purchasers of Sinclair Broadcast Group, Inc. (NASDAQGS: SBGI) common shares between February 22, 2017 and July 19, 2018, that the defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and its proposed merger with Tribune Media Company (the "Sinclair/Tribune Merger").
The plaintiff claims that between February 22, 2017 and July 19, 2018, the Defendants allegedly made false and/or misleading statements and/or failed to disclose that the Sinclair/Tribune Merger was not in compliance with FCC rules and regulations, that Sinclair Broadcast Group was not using its best efforts to eliminate any impediment to regulatory approval, that Sinclair was engaging in non-arm's length transactions with buyers connected to Sinclair's controlling shareholders in order to skirt FCC ownership rules, and that, as a result of the foregoing, Defendant's public statements were materially false and/or misleading and/or lacked a reasonable basis.
Those who purchased shares of Sinclair Broadcast Group, Inc. (NASDAQGS: SBGI) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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