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
08/27/201510:00:00TEGNA and CBS Renew Affiliation Agreement
08/25/201522:20:00Sinclair Pulls TV Signals From Dish Network
08/25/201511:30:00Cablevision Reaches New Content Agreement With CBS
08/25/201511:13:00Cablevision Reaches New Content Agreement With CBS
08/25/201510:00:00Cablevision and CBS Reach New Comprehensive Content Carriage...
08/06/201520:19:33Ad Woes Pummel TV Firms
08/06/201511:00:00CBS Corporation Chief Operating Officer Joseph Ianniello To Participate...
08/06/201509:51:08U.S. Hot Stocks: Hot Stocks to Watch
08/06/201509:05:00Expert Briefing on Entertainment - Diversified Stocks -- CBS...
08/05/201519:30:25CBS Profit Falls 24% -- 3rd Update
08/05/201517:59:10CBS Profit Falls 24% -- 2nd Update
08/05/201517:30:06CBS Profit Falls 24%
08/05/201517:11:00CBS Profit Falls 24% -- Update
08/05/201517:05:26CBS Profit Falls 24%
08/05/201516:01:00CBS Corporation Reports Second Quarter 2015 Results
07/28/201515:40:00CBS Corporation Announces Quarterly Dividend
07/14/201508:30:00Scripps and CBS renew affiliation agreement for WTVF, Nashville
07/09/201513:01:00CBS And Sinclair Sign Deal To Renew Affiliation Agreements
07/07/201514:00:00CBS Corporation Announces $800 Million Senior Notes Offering
07/02/201508:00:34Univision Files for IPO

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