Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Tribune Company, Announces Class Action Lawsuit and Seeks to Recover Losses -- TRB


LOS ANGELES, May 5, 2005 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Northern District of Illinois on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired securities of Tribune Company ("Tribune" or the "Company") (NYSE:TRB) during the period January 24, 2002 through July 15, 2004 (the "Class Period").

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.

The Complaint charges Tribune and certain of the Company's executive officers with violations of federal securities laws. Tribune, a media company, conducts operations in television, publishing, radio stations and interactive ventures. The Complaint alleges that during the Class Period defendants intentionally overstated the circulation of several Tribune publications, including Newsday and the Spanish-language publication Hoy, in order to fraudulently extract higher incentive payments from the papers' advertisers. These fraudulently inflated circulation numbers were reported to investors and the market on a regular basis, and the wrongfully obtained proceeds based on these circulation figures artificially inflated Tribune's financial results.

The Complaint alleges defendants failed to disclose material adverse facts, including that: (a) since at least fiscal 2001, defendants were inflating the circulation of Hoy and Newsday; (b) as a result, the Company's financial results during the Class Period were artificially inflated and its liabilities were understated; (c) the Company's revenue and income were overstated by millions of dollars; (d) defendants had knowingly established extremely weak circulation controls which allowed for the circulation overstatements; and (e) as a result of the above, defendants' ability to continue to achieve future earnings-per-share and revenue growth would be severely threatened, and would and did result in $95 million in costs, fines, refunds and investigation expenditures.

In June 2004 Tribune reported that Newsday and Hoy had inflated circulation figures since 2001. Tribune also came under increased scrutiny by the Audit Bureau of Circulations, a non-profit, private entity which monitors the accuracy of circulation numbers for publications nationwide. As a result of this increasing pressure, Tribune finally admitted on July 15, 2004, that its reported circulation numbers for Hoy and Newsday were overstated. Tribune eventually announced it was conducting an internal investigation and that it may refund to advertisers all amounts they had been overcharged.

Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.

If you are a member of the Class described above, you may move the Court, not later than July 1, 2005, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, or by e-mail to info@glancylaw.com.

More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.



            

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