|Court:||United States District Court for the Southern District of Iowa|
|Class Period:||01/31/2018 - 09/30/2019|
|Case Leaders:||John C. Browne, Adam H. Wierzbowski|
|Case Team:||James M. Fee, R. Ryan Dykhouse, Alexander T. Payne|
This is a securities class action on behalf of all purchasers of the securities of Meredith Corporation (“Meredith” or “the Company”) between January 31, 2018 and September 30, 2019, inclusive (the “Class Period”).
Defendant Meredith, headquartered in Des Moines, Iowa, is an American media conglomerate that owns magazines, television stations, and websites, reaching over 175 million unduplicated American consumers. Meredith’s publications have a readership of more than 120 million, paid circulation of more than 40 million, nearly 135 million monthly unique website visitors, and broadcast television stations which reach 11 percent of United States households
The action seeks to pursue remedies against Meredith and several of its most senior executives for violations of the federal securities laws. Plaintiff alleges that during the Class Period, Defendants issued materially false and misleading statements regarding the Company’s acquisition of Time, Inc. (“Time”). Specifically, Defendants failed to disclose: (i) that the Company’s financial reporting was deficient in its controls for establishing the fair value of the assets and liabilities that Meredith had acquired from Time; (ii) that integrating Time’s assets and elevating advertising revenue from the print and digital performance of Time’s assets would occur over a series of years and require additional investment spending; and (iii) that the substantial number of low margin magazine subscriptions inside the legacy Time brands would require additional investment spending. Defendants failure to disclose these defects caused harm to Plaintiff and the Class.
On November 25, 2019, the Hon. Charles R. Wolle appointed the City of Plantation Police Officers’ Pension Fund as the Lead Plaintiff, and Bernstein Litowitz Berger and Grossmann LLP as Lead Counsel, for the Class.
Plaintiff filed its Amended Complaint on March 9, 2020. On October 28, 2020, the Court dismissed the Complaint. On November 23, 2020, Plaintiff appealed this dismissal to the Eighth Circuit Court of Appeals. Oral argument was heard on September 22, 2021 before Chief Judge Smith, Judge Gruender, and Judge Stras. Following oral arguments, the panel took the case under advisement and the parties await a decision from the Court.
- Awards Benchmark Litigation Again Names BLB&G One of the Top Firms in the Nation in 2022 Guide October 5, 2021 Learn More
- Events Katie Sinderson Serves as Panelist at OPFTEC 2021 on "The Role of Securities Litigation in Pension Funds" October 1, 2021 Learn More
- Events BLB&G Partners John C. Browne and Jeremy Robinson Present "Video Depositions: The Case for Their Continued Relevance in a Post-Quarantine World" Webinar October 1, 2021 Learn More
- Events BLB&G Partner Jeroen van Kwawegen Speaks at Broadridge Webinar on "International Opt-In Cases: Evolving Mechanisms for Collective Redress" September 30, 2021 Learn More
- Events BLB&G Partner Abe Alexander and Northeastern University Provost David Madigan Present Webinar on "Biostatistics for Lawyers" September 30, 2021 Learn More