Shareholder Alert: Robbins LLP Reminds Investors It Is Investigating the Officers & Directors of Sinclair Broadcast Group Inc...
May 08 2020 - 5:40PM
Business Wire
Shareholder rights law firm Robbins LLP reminds investors it is
investigating whether certain officers and directors of Sinclair
Broadcast Group Inc. (NASDAQ: SBGI) breached their fiduciary duties
to shareholders. Sinclair is a television broadcasting company in
the United States.
If you suffered a loss as a result of Sinclair's misconduct,
click here.
Sinclair Broadcast Group Inc. (SBGI) Agrees to Pay $48
million Civil Penalty
In August 2018, shareholders filed a class action suit against
Sinclair alleging that the Company was responsible for the failed
$3.9 billion Tribune Media merger. Rather than severing ties with
the stations cleanly, plaintiffs allege Sinclair attempted to
circumvent regulators' rules on the number of U.S. television
stations one company can have an interest in by offloading certain
assets to family members and longtime business associates, paving
the way for Sinclair to repurchase stations after the sale went
through. This included the sale of two Texas television stations to
Cunningham Broadcasting Corp. to benefit Sinclair's majority
owners, the Smith brothers.
On February 5, 2020, it was announced that the class action
against Sinclair survived the Company's motion to dismiss. U.S.
District Judge Catherine C. Blake stated, "taking the allegations
in the amended complaint as true, Sinclair concealed the risk that
its de facto control of Cunnigham could result in FCC rejection of
the merger" and went on to state that the plaintiffs had adequately
alleged that the stock price deflation was a result of Sinclair
misrepresenting the nature of its relationship with Cunnigham.
Then, on May 6, 2020, Sinclair agreed to pay a $48 million civil
penalty to end the FCC investigation into its failed merger,
resulting in depletion of Sinclair's financial resources and
further harm to shareholders.
Sinclair Broadcast Group Inc. (SBGI) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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