BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Central District of California, on behalf of investors of Starz ("Starz" or the "Company") (NYSE: STRZA; STRZB) who purchased shares between August 1, 2014 and October 29, 2015 inclusive (the “Class Period”) and have been damaged by the recent declines in the Company’s stock price.
On October 29, 2015, Deadline Hollywood revealed that Starz's former Senior Vice President of Sales and Affiliate Marketing, Keno Thomas, filed a lawsuit against Starz, CEO Christopher Albrecht, CRO Michael Thornton, and Liberty Media Corp. The complaint alleges that Mr. Thomas was fired after he refused to fabricate subscriber and revenue information at the behest of Starz senior management.
On this news, STRZA shares fell $3.69 per share, or 9% to close at $33.51 on October 30, 2015, thereby injuring investors.
The complaint alleges that: (1) Starz lacked adequate internal controls; (2) according to a former Starz senior executive, Starz’s contract with Comcast Corporation was a result of illicit business practices; and (3) as a result, Starz’s public statements were materially false and misleading at all relevant times.
Starz investors have until January 8, 2016 to move the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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