World News: 19:01 GMT Wednesday 11th September 2019. [Pomerantz LLP via Globe Newswire via SPi World News]
NEW YORK, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Meredith Corporation (“Meredith” or the “Company”) (NYSE: MDP). Such investors are advised to contact Robert S. Willoughby at or 888-476-6529, ext. 9980.
The investigation concerns whether Meredith and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In January 2018, Meredith acquired Time Inc. (“Time”) for $3.2 billion. On September 5, 2019, Meredith stated that it expected fiscal 2020 adjusted EBITDA in the range of $640 million to $675 million, significantly below analyst expectations of $793 million. Meredith cited plans to increase spending to improve the operations of Time, as the business was not as profitable as expected.
On this news, Meredith’s stock price fell $10.14 per share, or over 23%, to close at $33.68 per share on September 5, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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 .
Globe Newswire: 19:01 GMT Wednesday 11th September 2019
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