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; chad.bray@dowjones.com

Stock News for Cbs (CBS)
DateTimeHeadline
10/20/201421:20:30Amazon, Simon & Schuster Reach Book Contract
10/20/201409:49:31U.S. Hot Stocks: Hot Stocks to Watch
10/16/201413:20:04CBS Launches Online Subscription Video Service
10/03/201418:39:48U.S. Journalist With Ebola Being Evacuated
09/30/201421:56:17As Astro Would Say, 'Ruh-Roh!'
09/28/201411:58:06Obama Says U.S. Intelligence Underestimated Developments in Syria
09/21/201412:30:25U.S. Says Allies Committed to Joining Airstrikes in Syria: Update
09/21/201412:01:27U.S. Says Allies Committed to Joining Airstrikes in Syria
09/18/201422:11:13The Good Wife' Returns
08/07/201418:45:41Correction to CBS Earnings Story
08/07/201417:20:14CBS Profit Falls on Lower Ad, Licensing Revenue
07/22/201420:56:08ASKWSJD
06/25/201416:40:58MARKET SNAPSHOT: Stocks Rise After Walking Off Downward GDP Revision
06/25/201416:22:52MARKET SNAPSHOT: Stocks Edge Up; CBS, Monsanto Lead S&P
06/22/201414:42:20Obama Warns ISIS Could Destabilize Region
06/16/201410:55:34Entertainment Companies Scout for Mergers
06/15/201412:54:35U.S. Lawmakers Urge Rapid Containment of Extremist Violence in...
06/12/201421:30:13Univision Held Sale Talks with CBS, Time Warner
06/12/201421:15:07Univision Held Preliminary Sale Talks with CBS, Time Warner
06/09/201401:03:33Gentleman's Guide to Love and Murder' Wins Tony for Best Musical

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 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad