NEW YORK, June 26, 2020 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Townsquare Media, Inc. (NYSE: TSQ) resulting from allegations that Townsquare may have issued materially misleading business information to the investing public.
On June 9, 2020, Townsquare disclosed in a U.S. Securities and Exchange Commission filing that the Company's management "determined that a material impairment charge to the Company's indefinite-lived intangible assets was required due to an error in the projected cash flows that were utilized in the Company's valuation model" and further that "a material impairment charge to the Company's goodwill was required due to a change in the Company's reporting segments." Townsquare Media disclosed it "expects that the impairment charge will be approximately $39.4 million on our FCC licenses and approximately $69.0 million on our goodwill." The Company also announced that certain financial statements for fiscal years 2017, 2018 and 2019 should no longer be relied upon and would be restated.
On this news, Townsquare's stock price fell $1.20 per share, or 18%, to close at $5.28 per share on June 9, 2020, damaging investors.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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