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NEW YORK, — Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all investors that purchased Meredith Corporation (NYSE: MDP) securities between 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.
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On September 5, 2019, the company stated that it 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 in January 2018, because the business was not as profitable as originally anticipated.
On this news, the company’s share price fell $10.14 per share, or over 23%, to close at $33.68 per share on September 5, 2019.
The complaint, filed September 6, 2019, 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, 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.
If you purchased Meredith Corporation shares during the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Meredith Corporation lawsuit, please go to https://bespc.com/MDP. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.