An investor, who purchased shares of Meredith Corporation (NYSE: MDP), filed a lawsuit over alleged Securities Laws violations by Meredith Corporation in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Meredith Corporation (NYSE: MDP) have certain options and for certain investors are short and strict deadlines running. Deadline: November 6, 2019. NYSE: MDP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Des Moines, IA based Meredith Corporation operates as a diversified media company in the United States, Europe, and Asia. On September 5, 2019, Meredith Corporation reported its fourth quarter and full year results. Meredith Corporation reported that its Total Revenue rose from over $2.24 billion for the 12 months period that ended on June 30, 2018 to over $3.18 billion for the 12 months period that ended on June 30, 2019 and that its Net Income declined from $99.4 million to $46.3 million over those respective time periods. Meredith Corporation also 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 Corporation 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 expected.
Shares of Meredith Corporation (NYSE: MDP) declined from $71.85 per share in December 2017 to as low as $31.43 per share on September 5, 2019.
The plaintiff claims that between May 10, 2018 and September 4, 2019, the Defendants failed to disclose to investors the Time, Inc. acquisition was not as profitable as the Company had claimed, that the Company would incur additional costs for strategic investments to improve the Time business, that, as a result, the Company’s earnings would be materially and adversely impacted, and 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.
Those who purchased shares of Meredith Corporation (NYSE: MDP) have certain options and should contact the Shareholders Foundation.
Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
