An investigation on behalf of investors in Townsquare Media, Inc. (NASDAQ:TSQ) shares over potential wrongdoing at Townsquare Media, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 08/07/2020 -- Certain directors of Townsquare Media, Inc. are under investigation over potential breaches of fiduciary duties.
Investors who purchased shares of Townsquare Media, Inc. (NASDAQ: TSQ) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Townsquare Media directors breached their fiduciary duties and caused damage to the company and its shareholders.
Greenwich, CT based Townsquare Media, Inc. operates as a radio, digital media, entertainment, and digital marketing solutions company in small and mid-sized markets.
Townsquare Media, Inc. reported that its annual Total Revenue rose from $430.59 million in 2018 to $431.4 million in 2019, and that its Loss increased from $32.93 million in 2018 to $67.76 million in 2019.
On June 9, 2020, Townsquare Media, Inc. disclosed in a U.S. Securities and Exchange Commission ("SEC") filing that on June 3, 2020, the Company's management "determined that a material impairment charge to the Company's indefinite-lived intangible assets was required due to an error in the projected cash flows that were utilized in the Company's valuation model and that a material impairment ss&ccharge to the Company's goodwill was required due to a change in the Company's reporting segments." Townsquare Media, Inc. advised investors that it "expects that the impairment charge will be approximately $39.4 million on our FCC licenses and approximately $69.0 million on our goodwill" and that "[t]he impairment charges will be reflected in the Company's Annual Report on Form 10-K for the year ended December 31, 2019." In the same SEC filing, Townsquare advised investors that "our management determined that (a) our Consolidated Balance Sheets as of December 31, 2018, and 2017 and the related Consolidated Statements of Operations, Comprehensive Income, Changes in Stockholders' Equity and Consolidated Statements of Cash Flows for the years ended December 31, 2018, and 2017, respectively . . . and (b) our unaudited Quarterly Financial Data for the first three quarters of the year ended December 31, 2019, and each quarter of the year ended December 31, 2018 . . . should be restated and therefore may no longer be relied upon due to the error in the projected cash flows that were utilized in our valuation model."
Those who purchased shares of Townsquare Media, Inc. (NASDAQ: TSQ) have certain options and should contact the Shareholders Foundation.
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