Mar 17, 2018 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / March 17, 2018 / Pomerantz LLP announces that a class action lawsuit has been filed against Grupo Televisa S.A.B. (”Televisa” or the ”Company”)
and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 18-cv-1979, is on behalf of a class consisting of investors who purchased or otherwise acquired Televisa American Depositary Receipts (”ADRs”) between April 11, 2013 and January 25, 2018, both dates inclusive (the ”Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the ”Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Televisa ADRs between April 11, 2013 and January 25, 2018, both dates inclusive, you have until May 4, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here to join this class action]
Grupo Televisa S.A.B. operates media and entertainment businesses in the Spanish speaking world. The Company has interests in television production and broadcasting, programming, direct-to-home satellite services, publishing and publishing distribution, cable television, radio production, show business, feature films and Internet portals.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Televisa executives engaged in an unlawful bribery scheme involving Federation Internationale de Football Association (”FIFA”) executives; (ii) discovery of the foregoing conduct would likely subject the Company to heightened regulatory scrutiny; (iii) the Company lacked effective internal controls over financial reporting; and (iv) as a result of the foregoing, Televisa’s ADRs traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
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.
On this news, Televisa’s ADRs price fell $0.48, or 2.4%, to close at $19.50 on November 14, 2017.
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., 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.” Specifically, Televisa advised investors that ”[t]he material weaknesses in the Company’s internal control over financial reporting related to (i) the design and maintenance of effective controls over certain information technology controls which support systems that are relevant to the provisioning, updating and deleting of users’ access to those systems, the periodic review of users’ access to these systems, developers’ access to certain of these systems and appropriate segregation of duties; (ii) the design and maintenance of effective controls over segregation of duties within the accounting system, including certain individuals with the ability to gain access to prepare and post journal entries across substantially all key accounts of the Company without an independent review performed by someone other than the preparer; and (iii) ineffective controls with respect to the accounting for certain revenue and related accounts receivable in our cable companies and content division.”
On this news, Televisa’s ADRs fell $0.29, or 1.38%, to close at $20.66 on January 26, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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