NEW YORK, April 12, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of TEGNA, Inc. ("TEGNA" or the "Company") (NYSE: TGNA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether TEGNA and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 29, 2020, Tegna announced that it had ceased discussions with parties interested in acquiring the Company, citing the disruptions caused by the COVID-19 pandemic. Then, on March 30, 2020, Standard General LP ("Standard General"), owner of 9.7% of Tegna's outstanding shares, issued a statement criticizing Tegna's approach to the acquisition offers. Standard General's founding partner Soo Kim stated that Tegna's "approach would be off market in any deal environment, and particularly so under current market conditions. . . . [Tegna's] board's actions appear designed to end this process before it can even begin in earnest. This is just the latest in a troubling pattern of behavior. It should never have come to this, and shareholders need to hold this board accountable."
On this news, Tegna's stock price fell $2.53 per share, or 19.15%, to close at $10.68 per share on March 30, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP