SAN DIEGO & MEXICO CITY--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Grupo Televisa, S.A.B.'s (NYSE: TV) American Depository Receipts (ADRs) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between April 11, 2013 and January 25, 2018. Grupo Televisa operates media and entertainment businesses in the Spanish speaking world.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/groupo-televisa-s-a-b
Grupo Televisa Accused of Misstating its Business, Operational, and Compliance Policies
According to the complaint, throughout the class period, Grupo Televisa executives engaged in unlawful bribery schemes involving Fédération Internationale de Footbal Association ("FIFA") executives, reflecting the company's lack of internal controls over financial reporting. This bribery scheme was first revealed on November 14, 2017, at the corruption trial of three former FIFA executives, who testified that Grupo Televisa, and other media companies, had paid multi-million dollar bribes to FIFA executives to secure lucrative broadcasting rights for soccer tournaments. Then, on January 26, 2018, Grupo Televisa announced that "management, in consultation with the Audit Committee of the Company's board and after discussions with PricewaterhouseCoopers, S.C. ("PwC"), the Company's independent registered public accounting firm, has concluded that certain material weaknesses in the Company's internal control over financial reporting existed as of December 31, 2016." Since information regarding the company's issues were reported, it ADRs have fallen almost 20%.
Grupo Televisa Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo 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.
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