According to the Complaint, Meredith Corporation is a media company that distributes content through print, digital, mobile, video, and broadcast television. It operates under two business segments, national media and local media. In January 2018, Meredith acquired Time, Inc. for $3.2 billion.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) the Time, Inc. acquisition was not as profitable as the Company had claimed; (2) that the Company would incur additional costs for strategic investments to improve the Time business; (3) that, as a result, the Company’s earnings would be materially and adversely impacted; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

This case was voluntarily dismissed on November 7, 2019. A related case continues in the Southern District of Iowa.

On November 25, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on March 9, 2020. Defendants filed a Motion to Dismiss the amended Complaint on June 22. On October 28, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice. On November 23, Plaintiff filed a notice appealing the Court's Dismissal Order. The Court of Appeals issued a Judgment affirming the District Court's Dismissal Order on October 18, 2021.