A lawsuit was filed on behalf of investors in Tribune Media Company (NYSE: TRCO) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 09/25/2018 -- The Shareholders Foundation announces that an investor, who purchased shares of Tribune Media Company (NYSE: TRCO), filed a lawsuit over alleged violations of Federal Securities Laws by Tribune Media Company in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Tribune Media Company (NYSE: TRCO) should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
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 claims that between November 29,2017 and July 16, 2018, the Defendants made materially false and misleading statements and omitted material adverse facts concerning the conduct of Sinclair Broadcast Group Inc. ("Sinclair") during the process of seeking regulatory approval necessary to complete a proposed merger between Tribune and Sinclair (the "Merger").
More specifically, the plaintiff alleges that while the Defendants frequently discussed the regulatory steps necessary to complete the Merger in public statements and presentations, including Sinclair's purported agreement to take certain actions to secure regulatory approval, the Defendants misstated or omitted the fact that Sinclair was refusing to divest itself of television stations in certain markets necessary in order to secure regulatory approval, and that Sinclair was taking the position that it was not legally or contractually obligated to complete the identified divestitures to ensure regulatory approval.
The plaintiff acclaims that as a result of the Defendants' allegedly false and misleading statements and omissions, Tribune common stock traded at artificially inflated prices between November 29,2017 and July 16, 2018 and such inflation was removed when it was revealed that the Merger had not received regulatory approval by the applicable deadline and would not close.
Those who purchased shares of Tribune Media Company (NYSE: TRCO) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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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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