Skip to Content

Grupo Televisa, S.A.B. (NYSE: TV)

Securities Class Action

Overview
  • Date:
  • 4/2/2018
  • Company Name:
  • Grupo Televisa, S.A.B.
  • Stock Symbol:
  • TV
  • Class Period:
  • FROM 4/11/2013 TO 1/25/2018
  • Status:
  • Closed/Complete
  • Court:
  • U.S. District Court: Southern District of New York

Case Finder

Locate any case using the tools below.

NEW YORK, April 2, 2018 – Bragar Eagel & Squire, P.C. announces to investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Grupo Televisa, S.A.B. (NYSE: TV) securities between April 11, 2013 and January 25, 2018 (the “Class Period”).  Investors have until May 4, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Grupo Televisa S.A.B. 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 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) Televisa executives engaged in an unlawful bribery scheme involving Fédération Internationale de Football Association (“FIFA”) executives; (ii) discovery of the foregoing conduct would likely 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.

On November 14, 2017, at the corruption trial of three former executives of FIFA, Alejandro Burzaco, a former Chief Executive Officer 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.

On this news, Televisa’s ADRs price fell $0.48, or 2.4%, to close at $19.50 on November 14, 2017.

On January 26, 2018, Televisa announced that “the Company’s management, in consultation with the Audit Committee of the Company’s board and after discussions with PricewaterhouseCoopers, S.C., the Company’s independent registered public accounting firm, has concluded that certain material weaknesses in the Company’s internal control over financial reporting existed as of December 31, 2016.” Specifically, Televisa advised investors that “[t]he material weaknesses in the Company’s internal control over financial reporting related to (i) the design and maintenance of effective controls over certain information technology controls which support systems that are relevant to the provisioning, updating and deleting of users’ access to those systems, the periodic review of users’ access to these systems, developers’ access to certain of these systems and appropriate segregation of duties; (ii) the design and maintenance of effective controls over segregation of duties within the accounting system, including certain individuals with the ability to gain access to prepare and post journal entries across substantially all key accounts of the Company without an independent review performed by someone other than the preparer; and (iii) ineffective controls with respect to the accounting for certain revenue and related accounts receivable in our cable companies and content division.”

On this news, Televisa’s ADRs fell $0.29, or 1.38%, to close at $20.66 on January 26, 2018.

If you purchased or otherwise acquired Televisa securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.

Case Finder

Locate any case using the tools below.

You may share a link to this page on any of the sites listed below or send link via email: