NEW YORK, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Sinclair Broadcast Group, Inc. (“Sinclair” or the “Company”) (NASDAQ: SBGI) in the United States District Court for the District of Maryland on behalf of a class consisting of investors who purchased or otherwise acquired Sinclair securities on the open market from February 22, 2017 and July 19, 2018, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ alleged violations of the Securities Exchange Act of 1934.
The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and its proposed merger with Tribune Media Company (the “Sinclair/Tribune Merger”). Specifically, The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Sinclair/Tribune Merger was not in compliance with FCC rules and regulations; (2) Sinclair was not using its best efforts to eliminate any impediment to regulatory approval; (3) Sinclair was engaging in non-arm’s length transactions with buyers connected to Sinclair’s controlling shareholders in order to skirt FCC ownership rules; and (iv) that, as a result of the foregoing, Defendant’s public statements were materially false and/or misleading and/or lacked a reasonable basis.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the October 8, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.