NEW YORK, Sept. 26, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Tribune Media Company ("Tribune" or the "Company") (NYSE: TRCO) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Tribune securities between November 29, 2017 and July 16, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/trco.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Sinclair Broadcasting Group, Inc., which had agreed to merge with Tribune, was refusing to divest itself of television stations in certain markets necessary in order to secure regulatory approval; and (2) Sinclair was taking the position that it was not legally or contractually obligated to complete the identified divestitures to ensure regulatory approval.
In May 2017, Tribune and Sinclair Broadcasting Group, Inc. ("Sinclair") announced a prospective merger of the two companies (the "Merger"). On July 16, 2018, Federal Communications Commission ("FCC") Chairman Ajit Pai issued a statement expressing "serious concerns" about the Merger. In particular, Chairman Pai stated that "certain station divestitures that have been proposed to the FCC would allow Sinclair to control those stations in practice, even if not in name, in violation of the law." Chairman Pai's statement signaled that Sinclair was not agreeing to the regulatory requirements necessary to complete the Merger, although Tribune had discussed these station divestitures repeatedly in its public filings since the May 2017 announcement of the Merger. On this news, Tribune's stock price fell $6.44, or 16.7%, to close at $32.12 on July 16, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/trco or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Tribune you have until November 13, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
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