Sinclair Broadcast Group, Inc.
During the Class Period, Sinclair announced a proposed $3.9 billion merger with Tribune Media Co. (“Tribune”), which the Company called the “largest acquisition” in the Company’s history. Throughout the Class Period, Defendants made materially false and misleading statements assuring investors and the FCC that it was using its “best efforts” to obtain regulatory approval and close the deal and that the Company would sell or divest certain stations as necessary “in order to comply with FCC ownership requirements and antitrust regulations.” However, during the Class Period, Defendants engaged in a fraudulent scheme to deceive the FCC and the investing public by creating “sham” transactions with buyers intertwined with the Company and its controlling shareholders, the Smith Brothers, in an effort to misleadingly convince regulators that Sinclair’s proposed merger was in compliance with FCC ownership regulations. As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s common stock, Plaintiff and the other Class members have suffered significant losses and damages.
On December 10, 2018, the Court appointed the City of Atlanta Police Pension Fund and the City of Atlanta Firefighters’ Pension Fund as Lead Plaintiff and Saxena White as Lead Counsel. Lead Plaintiffs filed an Amended Complaint on March 1, 2019.