NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Grupo Televisa S.A.B. (“Televisa” or the “Company”) (NYSE:TV) of the May 4, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Televisa American Depositary Receipts (“ADRs”) between April 11, 2013 and January 25, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/TV . There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Televisa ADRs between April 11, 2013 and January 25, 2018 (the “Class Period”). The case, Gross v. Grupo Televisa, S.A.B. et al, No. 18-cv-01979 was filed on March 5, 2018, and has been assigned to Judge Louis L. Stanton.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that certain Televisa executives engaged in an unlawful bribery scheme involving Fédération Internationale de Football Association (“FIFA”) executives.
The Company included a written Code of Ethics, as announced on April 11, 2013, when Televisa filed its fiscal year 2012 annual report on Form 20-F with the U.S. Securities and Exchange Commission (“SEC”); the Form 20-F also contained signed certifications by Televisa executives stating that the information contained within “fairly presents, in all material respects, the financial condition and results of operations of the Company.” The Company made the same statements on subsequent Form 20-F filings dated for April 29, 2014, for April 29, 2015, for April 29, 2016, and for April 28, 2017.
Then, on November 14, 2017, at the corruption trial of three former executives of FIFA, Alejandro Burzaco, a former Chief Executive Officer of the sports-marketing company Torneos y Competencias S.A., testified that Televisa, and other media companies, had paid multi-million dollar bribes to FIFA executives in order to secure lucrative, multi-year broadcasting rights for soccer tournaments. According to Burzaco, the companies paid a $15 million bribe to the late FIFA executive Julio Humberto Grondona at a 2013 meeting in Zurich, Switzerland for those broadcasting rights
After the announcement, Televisa’s ADR price fell from $19.98 per ADR on November 13, 2017 to a closing price of $19.50 on November 14, 2017—a $0.48 or a 2.40% drop.
Finally, on January 26, 2018, Televisa announced 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.”
After the announcement, Televisa’s ADR price fell from $20.95 per ADR on January 25, 2018 to a closing price of $20.66 on January 26, 2018—a $0.29 or a 1.38% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Televisa’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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