NEW YORK, March 21, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Fox Corporation (“Fox” or the “Company”) (NASDAQ: FOX; FOXA). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Fox and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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In the wake of the 2020 U.S. Presidential Election, Dominion Voting Systems (“Dominion”) sued Fox for defamation. Dominion’s lawsuit alleges that Fox defamed Dominion’s businesses by endorsing, repeating or broadcasting a series of “verifiably false yet devastating lies about Dominion”, including that Dominion committed election fraud by rigging the 2020 election, that Dominion’s software and algorithms manipulated vote counts in the 2020 election, that Dominion was founded for the purpose of rigging elections, and that Dominion paid kickbacks to government officials who used its machines. Dominion seeks over $1.6 billion in damages. Beginning in February 2023, specific details emerged of internal discussions at Fox in the wake of the 2020 election, revealing that Fox’s senior leaders understood that claims to the effect that Dominion had rigged the 2020 election were false. As a consequence, Fox faces significant potential legal liability.
As a result of ongoing revelations about Fox’s legal exposure in the Dominion lawsuit, Fox’s Class A stock has declined from a closing price of $37.03 on February 17, 2023 to a closing price of $32.52 on March 15, 2023, a 12.17% decline. Fox’s Class B stock has declined from a closing price of $34.22 on February 17, 2023 to a closing price of $29.83 on March 15, 2023, a 12.8% decline.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
