NEW YORK, Sept. 14, 2018 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Tribune Media Company ("Tribune" or the "Company") (NYSE: TRCO). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Tribune and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In May 2017, Tribune and Sinclair Broadcasting Group, Inc. ("Sinclair") announced a prospective merger of the two companies (the "Merger"). On July 16, 2018, Federal Communications Commission ("FCC") Chairman Ajit Pai issued a statement expressing "serious concerns" about the Merger. In particular, Chairman Pai stated that "certain station divestitures that have been proposed to the FCC would allow Sinclair to control those stations in practice, even if not in name, in violation of the law." Chairman Pai's statement signaled that Sinclair was not agreeing to the regulatory requirements necessary to complete the Merger, although Tribune had discussed these station divestitures repeatedly in its public filings since the May 2017 announcement of the Merger.
On this news, Tribune's stock price fell $6.44, or 16.7%, to close at $32.12 on July 16, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP