Plaintiff's law firm issued a press release on August 27, 2018. According to the press release, CBS is a mass media company with operations in the entertainment, cable networks, publishing, and local media segments.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) CBS executives, including the Company’s Chairman and Chief Executive Officer, had engaged in widespread workplace sexual harassment at CBS; (ii) CBS’s enforcement of its own purported policies was inadequate to prevent the foregoing conduct; (iii) the foregoing conduct, when revealed, would foreseeably subject CBS to heightened legal liability and impede the ability of key CBS personnel to execute the Company’s business strategy; and (iv) as a result, CBS’s public statements were materially false and misleading at all relevant times.
On November 6, 2018, the Court issued an Order consolidating cases. On November 30, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on February 11, 2019. Lead Plaintiff re-filed the amended Complaint on February 13. Defendants filed Motions to Dismiss the amended Complaint on April 12. On January 15, 2020, the Court issued an Order granting in part and denying in part Defendants' Motions to Dismiss.