Class Action Suit Filed Against Sinclair
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A New Orleans law firm is heading up a class action lawsuit against Sinclair.
Kahn Swick & Foti, LLC partner, former Attorney General of Louisiana, Charles C. Foti, Jr., reminds investors that they have until October 9, 2018 to file lead plaintiff applications in a securities class action lawsuit against Sinclair if they purchased the Company’s shares between February 22, 2017 and July 19, 2018.
The law firm says that Sinclair and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On July 19, 2018, the Federal Communications Commission released its Order pertaining to Sinclair’s proposed merger with Tribune Media Company (which the Company called the “largest acquisition” in its history), ruling that there was “a substantial and material question of fact as to whether Sinclair affirmatively misrepresented or omitted material facts” regarding whether it had “attempted to skirt the Commission’s broadcast ownership rules” through “proposed divestitures [that] were in fact ‘sham’ transactions.”
On this news, the price of Sinclair’s shares plummeted.
This action is pending in the United States District Court for the District of Maryland.
The firm says that if you purchased shares of Sinclair and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may contact them.
