Meredith Corporation Securities Litigation

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Lawsuit Overview

Defendant:Meredith Corporation
Date Filed:September 6th, 2019
Sector:Consumer Services
Industry:Newspapers/Magazines

According to the Complaint, Meredith is a media company that distributes content through print, digital, mobile, video, and broadcast television. It operates under two business segments, national media and local media. In January 2018, Meredith acquired Time, Inc. for $3.2 billion.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) the Time, Inc. acquisition was not as profitable as the Company had claimed; (2) that the Company would incur additional costs for strategic investments to improve the Time business; (3) that, as a result, the Company's earnings would be materially and adversely impacted; and (4) 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.

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First Identified Complaint

Patricia Wirthwein, et al. v. Meredith Corporation, et al.

Date Filed:September 6th, 2019
Class Period Start:May 10th, 2018
Class Period End:September 4th, 2019
First Identified Complaint Filings
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