ADVFN - Advanced Financial Network.
HOME» NYSE » C » CBS Stock Price » CBS Stock News

Cbs Share News

 Cbs Corp Stock Price
CBS Stock Price
 Cbs Corp Stock Chart
CBS Stock Chart
 Cbs Corp Stock News
CBS Stock News
 Cbs Corp Company Information
CBS Company Information
 Cbs Corp Stock Trades
CBS Stock Trades

Judge Dismisses Suit Vs CBS Over Goodwill-Impairment Timing

By Chad Bray Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- A federal judge dismissed a shareholder lawsuit Tuesday against CBS Corp. (CBS) for allegedly failing to take a goodwill-impairment charge in timely fashion in 2008 in order to personally benefit Viacom Inc. Chairman Sumner Redstone. In an order Tuesday, U.S. District Judge P. Kevin Castel in Manhattan dismissed the lawsuit, which had been seeking class-action status. "I conclude that the plaintiffs have failed to allege that the defendants committed acts of securities fraud," the judge said. The judge did give the plaintiffs until April 30 to file a motion to amend the lawsuit. The lawsuit, filed in December 2008, alleged that CBS violated U.S. securities laws by failing to take an impairment charge to its goodwill in the first quarter of 2008 in order to improperly inflate the value of its shares, including CBS shares held by National Amusements Inc., which Redstone controls. In October 2008, the company said it would take a pretax noncash impairment charge of about $14 billion in the third quarter to reduce the carrying value of goodwill, intangible assets related to FCC licenses and investments. The complaint had alleged Redstone, who chairs both Viacom's and CBS's boards of directors, had borrowed $1.6 billion on behalf of National Amusements and the loan covenants required significant principal payments if the value of CBS or Viacom shares fell below a certain level. By the time CBS took the impairment charge, an overall decline in the stock market had driven the stock prices of CBS and Viacom below the levels specified in the loan covenants, requiring Redstone to sell CBS shares held by National Amusements in order to pay creditors, the lawsuit had alleged. The complaint also had alleged false and misleading statements by CBS and its executives about the true nature of the company's financial health prior to taking the charge. CBS was spun off from Viacom in 2006. In a statement, CBS said it was "pleased with the decision." A lawyer for the City of Omaha, the Nebraska Civilian Employees' Retirement System and the City of Omaha Police and Fire Retirement System, the lead plaintiffs in the case, declined comment Tuesday on the decision. The lawsuit had sought to represent a class of investors who purchased CBS stock between Feb. 26, 2008, and Oct. 10, 2008. -By Chad Bray, Dow Jones Newswires; 212-227-2017;

Stock News for Cbs (CBS)
04/29/201615:00:00FCC to Sell Maximum Amount in TV Airwave Auction
04/25/201612:44:00Kurt Davis Named Executive Vice President, Affiliate Relations...
04/21/201600:30:00Judge Denies Request in Redstone Lawsuit
04/15/201603:03:00Redstone Won't Testify at Trial -- WSJ
04/14/201619:17:00Redstone Can't Be Deposed in Competency Trial, Judge Rules...
04/13/201603:03:00Email Details Redstone Worries -- WSJ
04/12/201617:20:00Year-Old Email Raises Questions About Sumner Redstone's Condition--Update
04/12/201616:21:00CBS, Turner Strike $8.8 Billion Deal to Televise NCAA's March...
04/12/201616:20:00Email Raises Questions About Redstone's Condition
04/12/201615:48:00Year-Old Email Raises Questions About Sumner Redstone's Condition
04/12/201615:36:00Correction to CBS-Turner Story
04/12/201615:00:00Fans Score All-Access to One of the Biggest Music Sensations...
04/12/201614:40:00CBS, Turner Strike $8.8 Billion Deal to Keep NCAA Men's Basketball...
04/12/201614:31:00CBS, Turner Strike $8.8 Billion Deal to Keep NCAA Men's Basketball...
04/07/201617:00:00Viacom CEO Removed as Redstone Healthcare Agent
04/07/201616:38:00Viacom CEO Removed as Redstone Healthcare Agent
04/06/201602:31:00Redstone Is in Talks To Settle Competency Lawsuit -- WSJ
04/05/201617:50:00Lumber Liquidators Stock Rises After Favorable California Ruling
04/05/201616:30:00Redstone's Team in Settlement Talks in Competency Case -- 2nd...
04/05/201614:12:00Redstone's Team in Settlement Talks in Competency Case -- Update

Cbs and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations