On or around 02/01/2019 (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.
On December 18, the Court issued an Order appointing Lead Plaintiff and Counsel.
Company & Securities Information
Defendant: Tribune Media Company
Industry: Broadcasting & Cable TV
Headquarters: United States
Ticker Symbol: TRCO
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
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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
Arbitrage Event-Driven Fund, The, et al. v. Tribune Media Company, et al.
Moirano Gorman Kenny, LLC 135 S. LaSalle St., Suite 2200, Moirano Gorman Kenny, LLC, IL 60603 312.614.1260 ·
First Identified Complaint (FIC) Filings:
Class Action Complaint
Order: (I) Appointing the Water Island Capital Funds as Lead Plaintiffs; (II) Approving Their Selection of Lead Counsel and Liaison Counsel; and (III) Consolidating all Subsequently Filed Related Actions
U.S. District Court Civil Docket
The Arbitrage Event-Driven Fund, et al. v. Tribune Media Company, et al.