WILMINGTON, Del., Nov. 16, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC , a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a securities fraud class action lawsuit has been filed in the U.S. District Court, Central District of California, on behalf of investors of Starz (NASDAQ: STRZA ) (NASDAQ: STRZB ) (“Starz” or the “Company”) that held shares between August 1, 2014 and October 29, 2015 (the “Class Period”). If you purchased Starz securities during the Class Period, you may, no later than January 8, 2016, request that the Court appoint you lead plaintiff of the proposed class.
A copy of the complaint is available from the Court or from Andrews & Springer LLC. If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com , or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – https://www.linkedin.com/company/andrews-&-springer-llc , Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges that throughout the Class Period defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) Starz lacked adequate internal controls; (2) according to a former Starz senior executive, Starz's contract with Comcast Corporation was a result of illicit business practices.
On October 29, 2015, online magazine Deadline Hollywood issued an article disclosing that Starz's former Senior Vice President of Sales and Affiliate Marketing Keno Thomas filed a lawsuit (the "Thomas Action") against Starz and its Chief Executive Officer Christopher Albrecht, and Chief Revenue Officer Michael Thornton, among others. A copy of the complaint can be found here . Thomas’ complaint alleges that: (1) the contract between Comcast Corporation and the Company, entered into on or about April 2014, was the result of illicit business practices; (2) Thomas was ordered by the Company's senior management to fabricate revenue and subscriber information so that Thornton and Albrecht could present those falsified figures to the Company's Board of Directors; and (3) the Company retaliated against Thomas for refusing to fabricate revenue and subscriber information.
As a result of this news, Starz’s stock price fell approximately 9% (equivalent to $3.69 per share) on October 30, 2015, causing shareholders to incur millions in losses.
If you wish to serve as lead plaintiff, you must move the Court no later than January 8, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com , or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc , Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com . This notice may constitute Attorney Advertising.
Craig J. Springer, Esq. cspringer@andrewsspringer.com Toll Free: 1-800-423-6013
