INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against Meredith Corporation
September 09 2019 - 8:00PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Southern District of New York on behalf of those who acquired
Meredith Corporation (“Meredith” or the “Company”) (NYSE: MDP)
securities during the period from May 10, 2018 and September 4,
2019 (the “Class Period”). Investors have until November 5, 2019 to
apply to the Court to be appointed as lead plaintiff in the
lawsuit.
The lawsuit alleges that Meredith failed to disclose that: (i)
the Time, Inc. acquisition was not as profitable as the Company had
claimed; (ii) that the Company would incur additional costs for
strategic investments to improve the Time business; (iii) that, as
a result, the Company’s earnings would be materially and adversely
impacted; and (iv) that, as a result of the foregoing, Defendants’
positive statements about the Company’s business, operations, and
prospects, were materially misleading and/or lacked a reasonable
basis.
On September 5, 2019, the Company reported expected fiscal 2020
adjusted EBITDA in the range of $640 million to $675 million, which
was well below analysts’ expectations of $793 million. Meredith
planned to increase spending to improve operations of Time Inc.,
which the Company had acquired for $1.8 billion, because the
business was not as profitable as expected.
On this news, Meredith’s shares fell from $43.82 on September 4,
2019 to a close of $33.68 on September 5, 2019 (a decline of $10.14
or approximately 23%).
If you acquired Meredith securities, have information, or would
like to learn more about these claims, please contact Thomas W.
Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190909005983/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
investigations@kmllp.com www.kmllp.com
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