NEW YORK, Sept. 9, 2019 /PRNewswire/ -- Bernstein
Liebhard, a nationally acclaimed investor rights law firm,
announces that a securities class action lawsuit has been filed on
behalf of shareholders that purchased or acquired securities of
Meredith Corporation ("Meredith" or the "Company") (NYSE: MDP)
between May 10, 2018 and September 4, 2019, inclusive (the "Class
Period"). The lawsuit filed in the United
States District Court for the Southern District of
New York alleges violations of the
Securities Exchange Act of 1934.
If you purchased Meredith securities, and/or would like to
discuss your legal rights and options please visit Meredith
Shareholder Class Action or contact Matthew
E. Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
The complaint filed in this class action 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) that 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.
The truth began to emerge on September 5,
2019. On this date, the Company stated that it expected
fiscal 2020 adjusted EBITDA in the range
of $640 million to $675
million, which is well below analysts'
expectations of $793 million.
Meredith planned to increase spending to improve operations of Time
because the business was not as profitable as expected.
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, on unusually high trading
volume.
If you wish to serve as lead plaintiff, you must move the Court
no later than November 5, 2019. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. Your ability to share in
any recovery doesn't require that you serve as lead plaintiff. If
you choose to take no action, you may remain an absent class
member.
If you purchased Meredith securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/meredith-corporation-mdp-class-action-lawsuit-175/apply/
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in The
Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP