LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Townsquare Media, Inc. (“Townsquare” or “the Company”) (NYSE: TSQ) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Townsquare admitted in a June 9, 2020, SEC filing that the Company had “determined that a material impairment charge to the Company's indefinite-lived intangible assets was required due to an error in the projected cash flows that were utilized in the Company's valuation model.” The Company further disclosed that “a material impairment charge to the Company's goodwill was required due to a change in the Company's reporting segments.” The Company added it “expects that the impairment charge will be approximately $39.4 million on our FCC licenses and approximately $69.0 million on our goodwill.” The Company also announced that certain financial statements for fiscal years 2017, 2018 and 2019 should no longer be relied upon and would be restated. Based on this news, shares of Townsquare dropped by 18% on the same day.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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