A lawsuit was filed on behalf of investors in Meredith Corporation (NYSE: MDP) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 09/17/2019 -- An investor, who purchased shares of Meredith Corporation (NYSE: MDP), filed a lawsuit over alleged violations of Federal Securities Laws by Meredith Corporation.
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 email@example.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.
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.
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