NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Sonic Automotive, Inc. (NYSE: SAH).
On October 7, 2020, news sources reported that the Company’s Chief Executive Officer, David Bruton Smith, had been arrested and charged with felony assault by strangulation and misdemeanor charges of false imprisonment, assault on a female, and interfering with emergency communication. Shortly thereafter, the Company’s Board of Directors issued a statement affirming that the Company “remains steadfast in its support of [its] CEO.”
Then, on March 1, 2021, news sources reported that Smith had been indicted by a Mecklenburg County, N.C. grand jury on all four charges related to the October 2020 arrest, according to the Mecklenburg County District Attorney's Office.
KSF’s investigation is focusing on whether Sonic’s officers and/or directors breached their fiduciary duties to Sonic’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Sonic shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nyse-sah/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.