Sinclair Broadcast Group, Inc. Securities Litigation
On or around 05/03/2019 (Ongoing date of last review)
Filing Date: August 09, 2018
Plaintiff's law firm issued a press release announcing the lawsuit on August 9, 2018. According to the press release, Sinclair is the largest television station operator in the United States by both number of stations and total coverage. The Company owns more than 193 stations across the country, covering nearly 40% of American households.
The Complaint asserts claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and its proposed merger with Tribune Media Company (the “Sinclair/Tribune Merger”).
Specifically, Defendants allegedly made false and/or misleading statements and/or failed to disclose that: (i) the Sinclair/Tribune Merger was not in compliance with FCC rules and regulations; (ii) Sinclair was not using its best efforts to eliminate any impediment to regulatory approval; (iii) Sinclair was engaging in non-arm’s length transactions with buyers connected to Sinclair’s controlling shareholders in order to skirt FCC ownership rules; and (iv) that, as a result of the foregoing, Defendant’s public statements were materially false and/or misleading and/or lacked a reasonable basis.
On December 10, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended consolidated Complaint on March 1, 2019.
Company & Securities Information
Defendant: Sinclair Broadcast Group, Inc.
Industry: Broadcasting & Cable TV
Headquarters: United States
Ticker Symbol: SBGI
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Edward Komito, et al. v. Sinclair Broadcast Group, Inc., et al.