NEW YORK, Nov. 23, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of Starz (the “Company”) (NASDAQ:STRZA), (NASDAQ:STRZB) securities from August 1, 2014 through October 29, 2015, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Starz investors under the federal securities laws.
If you purchased Starz securities during the Class Period, you may, no later than January 8, 2016, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported 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.
If you want more information about the Starz Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com.
The complaint alleges that throughout the Class Period, Defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) Starz lacked adequate internal controls; (2) according to a former Starz senior executive, Starz’s contract with Comcast Corporation was a result of illicit business practices; and (3) as a result, Starz’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On October 29, 2015, online magazine Deadline Hollywood revealed that the Company’s former Senior Vice President of Sales and Affiliate Marketing Keno Thomas filed a lawsuit against the Company and several of its subsidiaries, Defendant Christopher P. Albrecht, the Company’s Chief Revenue Officer Michael Thornton and Liberty Media Corp.
Following this news, shares of STRZA fell $3.69 per share or over 9% from its previous closing price to close at $33.51 per share on October 30, 2015, and shares of STRZB fell $4.98 per share or over 13% to close at $32.73 per share on October 30, 2015, damaging investors.
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