San Diego, CA -- (SBWire) -- 02/05/2018 --An investigation on behalf of investors in NYSE:TV shares was announced over potential breaches of fiduciary duties by certain Grupo Televisa SAB directors.
Investors who purchased shares of Grupo Televisa SAB (ADR) (NYSE:TV) should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Grupo Televisa SAB officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On November 14, 2017, news outlets reported that a former executive of the sports-marketing company Torneos y Competencias SA testified during the corruption trial of three former FIFA officials that several companies, including Grupo Televisa, paid bribes to win lucrative, multiyear broadcasting rights for tournaments.
On January 26, 2018, Grupo Televisa SAB announced that "the Company's management, in consultation with the Audit Committee of the Company's board and after discussions with PricewaterhouseCoopers, S.C. ("PwC"), the Company's independent registered public accounting firm, has concluded that certain material weaknesses in the Company's internal control over financial reporting existed as of December 31, 2016."
Specifically, Grupo Televisa SAB advised investors that "[t]he material weaknesses in the Company's internal control over financial reporting related to (1) the design and maintenance of effective controls over certain information technology controls which support systems that are relevant to the provisioning, updating and deleting of users' access to those systems, the periodic review of users' access to these systems, developers' access to certain of these systems and appropriate segregation of duties; (2) the design and maintenance of effective controls over segregation of duties within the accounting system, including certain individuals with the ability to gain access to prepare and post journal entries across substantially all key accounts of the Company without an independent review performed by someone other than the preparer; and (3) ineffective controls with respect to the accounting for certain revenue and related accounts receivable in our cable companies and content division."
Those who purchased shares of Grupo Televisa SAB (ADR) (NYSE:TV) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
NYSE:TV Shareholder Notice: Investigation over Potential Wrongdoing
An investigation on behalf of investors in Grupo Televisa SAB (ADR) (NYSE:TV) shares over potential wrongdoing at Grupo Televisa SAB was announced.