The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of Maryland on behalf of investors who purchased Sinclair Broadcast Group, Inc. (NASDAQ: SBGI) securities between February 22, 2017 and July 19, 2018.
According to the SBGI lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) the merger of Tribune Media Company (NYSE: TRCO) and Sinclair was not in compliance with FCC rules and regulations; (ii) Sinclair was not using its best efforts to eliminate any impediment to regulatory approval; (iii) Sinclair was engaging in non-arm’s length transactions with buyers connected to Sinclair’s controlling shareholders in order to skirt FCC ownership rules; and (iv) that, as a result of the foregoing, Defendant’s public statements were materially false and/or misleading and/or lacked a reasonable basis. On May 8, 2017, Sinclair announced it had entered into an agreement to acquire 100% of the issued outstanding shares of Tribune. On August 3, 2017, Sinclair filed a Form 8-K with the U.S. Securities and Exchange Commission disclosing that the U.S. Department of Justice had requested additional information and documentary material pertaining to the agreement. Then on August 9, 2018, Tribune said it had terminated the deal and was suing Sinclair for breach of contract following the FCC’s determination that Sinclair failed to fully disclose material information about the merger.
"Sinclair Broadcast Group"
If you suffered a loss in Sinclair Broadcast Group, Inc. you have until October 9, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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