CBS Corporation (NYSE: CBS)
A class action lawsuit has been iled in United States District Court, Southern District of New York, on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired CBS securities between February 14, 2014, through July 27, 2018, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) CBS executives, including the Company's Chairman and Chief Executive Officer, Leslie "Les" Moonves, had engaged in widespread workplace sexual harassment at CBS; (ii) CBS's enforcement of its own purported policies was inadequate to prevent the foregoing conduct; (iii) the foregoing conduct, when revealed, would foreseeably subject CBS to heightened legal liability and impede the ability of key CBS personnel to execute the Company's business strategy; and (iv) as a result, CBS's public statements were materially false and misleading at all relevant times.
On July 27, 2018, various media outlets reported that The New Yorker would shortly publish an article, discussing an investigative report detailing allegations of sexual misconduct by Moonves and other executives at the Company.
On this news, CBS's stock price fell $3.52, or 6.12%, to close at $54.01 on July 27, 2018.
If you are a current shareholder and/or purchased stock between February 14, 2014, through July 27, 2018 and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
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