Televisa investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Televisa operates media and entertainment businesses in the Spanish speaking world. The company has interests in television production and broadcasting, programming, direct-to-home satellite services, publishing and publishing distribution, cable television, radio production, show business, feature films and Internet portals.
The Class Period commences on April 11, 2013, when Televisa filed an annual report on Form 20-F with the SEC, announcing the company’s financial and operating results for the quarter and fiscal year ended December 31, 2012.
According to the Complaint, on November 14, 2017, at the corruption trial of three former executives of FIFA, Alejandro Burzaco (“Burzaco”), a former Chief Executive Officer (“CEO”) of the sports-marketing company Torneos y Competencias S.A., testified that Televisa, and other media companies, had paid multi-million dollar bribes to FIFA executives in order to secure lucrative, multi-year broadcasting rights for soccer tournaments. According to Burzaco, the companies paid a $15 million bribe to the late FIFA executive Julio Humberto Grondona at a 2013 meeting in Zurich, Switzerland for those broadcasting rights. Following this news, Televisa’s American depositary receipt price fell $0.48, or 2.4%, to close at $19.50 on November 14, 2017.
Then, on January 26, 2018, Televisa announced that “the [c]ompany’s management, in consultation with the Audit Committee of the [c]ompany’s board and after discussions with PricewaterhouseCoopers, S.C. (“PwC”), the [c]ompany’s independent registered public accounting firm, has concluded that certain material weaknesses in the [c]ompany’s internal control over financial reporting existed as of December 31, 2016.”
Following this news, Televisa’s ADR share price fell $0.29 or 1.38%, to close at $20.66 on January 26, 2018.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Televisa executives engaged in unlawful bribery schemes involving Fédération Internationale de Football Association (“FIFA”) executives; (ii) discovery of the foregoing conduct would subject the company to heightened regulatory scrutiny; (iii) the company lacked effective internal controls over financial reporting; and (iv) as a result of the foregoing, Televisa’s ADRs traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
If you are a member of the class described above, you may no later than May 4, 2018 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706 or by e-mail at info@ktmc.com