RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Grupo Televisa, S.A.B. (NYSE: TV) (“Televisa” or the “Company”) on behalf of purchasers of the Company’s securities between April 11, 2013 and January 25, 2018, inclusive (the “Class Period”).
Televisa investors who purchased securities during the Class Period may, no later than May 4, 2018, seek to be appointed as a lead plaintiff representative of the class.
Shareholders who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys D. Seamus Kaskela or Adrienne Bell at (888) 299-7706 or online at: https://www.ktmc.com/new-cases/grupo-televisa-sab#join.
Televisa operates media and entertainment businesses in the Spanish speaking world.
The shareholder class action complaint alleges that Televisa and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors that: (i) Televisa executives engaged in unlawful bribery schemes involving Fédération Internationale de Football Association (“FIFA”) executives; (ii) discovery of the foregoing conduct would subject the Company to heightened regulatory scrutiny; and (iii) the Company lacked effective internal controls over financial reporting. As a result of the foregoing, Televisa’s securities traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
On November 14, 2017, testimony given during the corruption trial of three former executives of FIFA suggested that Televisa had paid bribes to FIFA executives in order to secure lucrative, multi-year broadcasting rights for soccer tournaments. Following this news, Televisa’s shares declined $0.48, or 2.4%, to close on November 14, 2017 at $19.50.
Subsequently, on January 26, 2018, Televisa disclosed that “the Company’s 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.” Following this news, Televisa’s shares declined $0.29 or 1.38%, to close on January 26, 2018 at $20.66.
Televisa shareholders may, no later than May 4, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.