In re Meredith Corporation Securities Litigation
|Court:||United States District Court, Southern District of Iowa, Central Division|
|Judge:||Hon. Charles R. Wolle|
|Class Period:||01/31/2018 - 09/30/2019|
|Case Contacts:||John C. Browne, Adam H. Wierzbowski, James M. Fee|
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. Plaintiffs allege 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’s amended complaint was filed on March 9, 2020. Defendants’ filed their motion to dismiss is scheduled on June 22, 2020. Plaintiff’s resistance to the motion to dismiss is due on August 24, 2020, with Defendants’ reply brief in further support of their motion to dismiss due on September 23, 2020.
Other Cases of Interest
GT Advanced Technologies Inc.
District of New Hampshire John C. Browne, Lauren McMillen Ormsbee
District of Minnesota John C. Browne, Michael D. Blatchley, Richard D. Gluck, Michael Mathai, Amanda Boitano
Wells Fargo & Company
Northern District of California Salvatore J. Graziano, Adam H. Wierzbowski, Rebecca E. Boon, Michael Mathai
District of Connecticut Salvatore J. Graziano, Jeroen van Kwawegen, Adam H. Wierzbowski, Kate Aufses, Matthew Traylor
Allergan, Inc. (Drug Pricing)
District of New Jersey John C. Browne, Lauren McMillen Ormsbee
Energy Transfer LP
Eastern District of Pennsylvania John C. Browne, Michael D. Blatchley, Hannah Ross, Adam H. Wierzbowski, Michael Mathai, James M. Fee
Myriad Genetics, Inc.
District of Utah Adam H. Wierzbowski, Abe Alexander, Matthew Traylor
Northern District of Illinois Eastern Division John C. Browne, Adam Hollander, Abe Alexander, James M. Fee, Katherine M. Sinderson
Ryder System, Inc.
Southern District of Florida Salvatore J. Graziano, John Rizio-Hamilton, Adam H. Wierzbowski, Avi Josefson, Hannah Ross, Michael D. Blatchley, Brenna Nelinson, Matthew Traylor
District of Illinois Eastern Division John C. Browne, Adam H. Wierzbowski