NEW YORK, Sept. 09, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Meredith Corporation (“Meredith” or the “Company”) (NYSE: MDP) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of Meredith between May 10, 2018 through September 4, 2019, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Time, Inc. acquisition was not as profitable as Meredith had claimed; (2) Meredith would incur additional costs for strategic investments to improve the Time business; (3) Meredith’s earnings would be materially and adversely impacted; and (4) as a result of the foregoing, Defendants’ positive statements about Meredith’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damage
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the November 5, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.