An investigation for investors in shares of DISH Network Corp (NASDAQ:DISH) over potential wrongdoing by certain officers and directors was announced and current long-term NASDAQ:DISH stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 09/16/2013 -- An investigation on behalf of investors in shares of DISH Network Corp (NASDAQ:DISH) was announced concerning whether certain DISH Network officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who purchased shares of DISH Network Corp (NASDAQ:DISH) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns, among other things, whether certain DISH Network officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by failing to implement adequate internal controls.
DISH Network Corp reported that its annual Total Revenue rose from over 414.04 billion in 2011 to over $14.26 billion in 2012 while its respective Net Income declined from over $1.51 billion to $636.69 million.
On July 23, 2013, DISH Network Corp said that the same day L-Band Acquisition, LLC, a wholly-owned subsidiary of DISH Network Corporation, formed to make a bid to acquire assets of LightSquared LP, entered into a Plan Support Agreement with certain senior secured lenders to LightSquared LP.
DISH Network said that its Board of Directors approved entering into the Plan Support Agreement based, among other things, on the recommendation of a special committee of the Board and a fairness opinion that was prepared by a financial advisory firm at the request of the Special Committee.
However, on August 6, 2013, a lawsuit was filed against Dish Network Chairman and other seeking more than $2 billion in punitive and compensatory damages for an alleged fraudulent scheme to assume control of LightSquared and its valuable wireless spectrum. DISH Network Corp Chairman Charles Ergen asked the court to dismiss a lawsuit.
On Septmeber 10, 2013, an article stated that a Dish Network director who was on a special board committee formed to assess the LightSquared Inc. deal and who resigned in recent weeks did so amid a disagreement over Dish Network's handling of a bid for LightSquared that could deliver hundreds of millions of dollars of personal profits to Dish Network’s Chairman.
LightSquared filed for bankruptcy protection in May 2012 listing assets of $4.48 billion and debt of $2.29 billion. According to the article the Chairman of Dish Network purchased LightSquared bank debt at a discount through an entity called SP Special Opportunities LLC.
Shares of DISH Network Corp (NASDAQ:DISH) closed on September 13, 2013 at $47.72 per share.
Those who purchased shares of DISH Network Corp (NASDAQ:DISH), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego