Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Grupo Televisa (NYSE:TV) in connection to alleged violations of securities laws by TV. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Grupo Televisa from April 11, 2013 until January 25, 2018.
The class action complaint specifically alleges that during the period in question, TV might have provided false and/or misleading material information, and/or failed to disclose adverse material information, namely: that the company’s participated in unlawful bribery activities in connection with executives of the Fédération Internationale de Football Association, or FIFA; that were this conduct to come to light, the company would likely come under increased scrutiny from regulatory authorities; and that the company did not have proper internal controls over its financial reporting activities. When testimony provided during a trial, for corruption, of three former FIFA executives, on November 14, 2017, indicated that Grupo Televisa had engaged in the payment of bribes to FIFA executives in exchange for broadcasting rights, the company’s share price declined 2.4%, or $0.48/share, closing at $19.50/share on November 14, 2017. When the company announced on January 26, 2018 that its management and accountants had detected “certain material weaknesses” in the company’s internal controls over its financial reporting, its share price declined 1.38%, or $0.29/share, closing at $20.66/share on January 26, 2018. The complaint alleges that when true facts emerged, investors suffered losses.
According to the company’s website, Grupo Televisa is a Mexico-based media company that describes itself as “an important cable operator in Mexico and an operator of a leading direct-to-home satellite pay television system in Mexico.” It trades on the New York Stock Exchange under the symbol TV.