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BOCA RATON, Fla., Aug. 09, 2018 (GLOBE NEWSWIRE) -- Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the District of Maryland against Sinclair Broadcast Group, Inc. (“Sinclair” or the “Company”) (NASDAQ: SBGI) on behalf of investors who purchased or otherwise acquired the common stock of the Company between February 22, 2017 and July 19, 2018, inclusive (the “Class Period”).
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.
If you purchased Sinclair shares between February 22, 2017 and July 19, 2018, you may contact Lester Hooker (firstname.lastname@example.org) at Saxena White P.A. to discuss your rights and interests.
If you purchased Sinclair stock during the Class Period of February 22, 2017 through July 19, 2018 and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court by no later than October 9, 2018. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., with offices in Florida, New York, and Massachusetts, concentrates its practice on prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.