STEVENSON, Md., Aug. 28, 2018 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Maryland on behalf of purchasers of Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) (“Sinclair” or the “Company”) securities during the period between February 22, 2017 and July 19, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until October 9, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Sinclair securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Sinclair/Tribune Media Co. (“Tribune”) merger was not in compliance with the Federal Communications Commission (“FCC”) rules and regulations, that Sinclair was not using its best efforts to eliminate any impediment to regulatory approval, and that Sinclair was engaging in non-arm’s length transactions with buyers connected to Sinclair’s controlling shareholders in order to skirt FCC ownership rules.
According to the complaint, following July 16, 2018 reports that FCC Chairman Ajit Pai was circulating a draft Hearing Designation Order (“HDO”) and sending the Sinclair/Tribune deal to a hearing before the FCC’s administrative law judge, and the July 19, 2018 announcement of the FCC’s final HDO order, which stated that there was a substantial and material question of fact as to whether Sinclair had attempted to skirt the FCC’s broadcast ownership rules, the value of Sinclair shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Sinclair securities purchased on or after February 22, 2017 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
