According to the law firm press release, Grupo Televisa, S.A.B. operates media and entertainment businesses in the Spanish speaking world. The Company has interests in television production and broadcasting, programming, direct-to-home satellite services, publishing and publishing distribution, cable television, radio production, show business, feature films and Internet portals.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. The Complaint specifically alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Televisa executives engaged in an unlawful bribery scheme involving Fédération Internationale de Football Association (“FIFA”) executives; (ii) discovery of the foregoing conduct would likely subject the Company to heightened regulatory scrutiny; (iii) the Company lacked effective internal controls over financial reporting; and (iv) as a result of the foregoing, Televisa’s ADRs traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
On May 17, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 6. Defendants filed a Motion to Dismiss the amended Complaint on October 15. On March 25, 2019, the Court issued an Order denying Defendants' Motion to Dismiss.