Case Page

 

Case Status:    ONGOING    
On or around 09/11/2018 (Ongoing date of last review)

Filing Date: September 10, 2018

According to the Complaint, Tribune Media Company ("Tribune" or the "Company") is a media company with a diverse portfolio of television and digital properties. It owns or operates 42 local television stations in 33 markets. It also owns national entertainment network WGN America, digital multicast network Antenna TV, Tribune Studios, WGN-Radio, minority stakes in the TV Food Network and CareerBuilder, and a variety of real estate assets.

The Complaint alleges that, during the Class Period, the Defendants made materially false and misleading statements and omitted material adverse facts concerning the conduct of Sinclair Broadcast Group Inc. (“Sinclair”) during the process of seeking regulatory approval necessary to complete a proposed merger between Tribune and Sinclair (the “Merger”). Specifically, the Complaint alleges that while the Defendants frequently discussed the regulatory steps necessary to complete the Merger in public statements and presentations, including Sinclair’s purported agreement to take certain actions to secure regulatory approval, the Defendants misstated or omitted the fact that: (i) Sinclair was refusing to divest itself of television stations in certain markets necessary in order to secure regulatory approval; and (ii) Sinclair was taking the position that it was not legally or contractually obligated to complete the identified divestitures to ensure regulatory approval. As a result of the Defendants’ false and misleading statements and omissions, Tribune common stock traded at artificially inflated prices during the Class Period and such inflation was removed when it was revealed that the Merger had not received regulatory approval by the applicable deadline and would not close. The Complaint seeks an award of damages, and prejudgment interest, to Plaintiff and other Class members.

COMPANY INFORMATION:

Sector: Services
Industry: Broadcasting & Cable TV
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TRCO
Company Market: New York SE
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.
COURT: N.D. Illinois
DOCKET #: 18-CV-06175
JUDGE: Hon. Charles P. Kocoras
DATE FILED: 09/10/2018
CLASS PERIOD START: 11/29/2017
CLASS PERIOD END: 07/16/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Entwistle & Cappucci LLP
    299 Park Avenue, 14th Floor, Entwistle & Cappucci LLP, NY 10171
    212.894.7200 212.894.7272 · info@entwistle-law.com
  2. Moirano Gorman Kenny, LLC
    135 S. LaSalle St., Suite 2200, Moirano Gorman Kenny, LLC, IL 60603
    312.614.1260 ·
No Document Title Filing Date