Tuesday, October 19, 2004

Sinclair shareholder's lawsuit (update)

Given the performance of the Sinclair stock this was almost inevitable:

To: Assignment Desk, Daybook Editor

Contact: Julie Wolk or Alex Howe, 202 822-5200 News Advisory:

Telephone News Conference at 1 p.m. EDT Today

SINCLAIR BROADCASTING SHAREHOLDERS DEMAND OFFICERS RETURN PROFITS FROM INSIDER TRADING

Officers Who Ordered Stations to Show Anti-Kerry Film Also Sold Stocks at High Mark, then Drove Values Down

DETAILS:

Famed shareholder attorney William S. Lerach will hold a news conference at 1 p.m. today to discuss insider self-dealing by officers of Sinclair Broadcasting, the Baltimore-based television chain that is forcing its affiliates to show a propaganda film that attacks presidential candidate John Kerry. He will release a set of demands aimed at making Sinclair executives disgorge millions of dollars in unjustified profits taken out of the firm when stock prices were high during the past 12 months. Yesterday the company's stock fell a further 8 percent after being down more than 50 percent from the year's beginning, as advertisers pulled back to avoid the station's self-generated political controversy. Lerach and Patrick Daniels, San Diego-based partners in Lerach Coughlin Stoia Geller Rudman Robbins, the nation's most successful securities litigation firm, will discuss actions it will take against Sinclair. Lerach Coughlin is a 140-member firm with offices in nine cities that has prosecuted hundreds of shareholder class action and derivative lawsuits, recovering more than $25 billion for clients. (For more on the firm go to: http://www.lerachlaw.com)

WHO:

Bill Lerach and Patrick Daniels, attorneys for Lerach Coughlin Stoia Geller Rudman Robbins LLP

WHAT:

Telephone Press Conference

WHEN:

1 p.m. EDT

Call-in at 800-362-0595. ID is "Lerach-Sinclair"

Update: Media Matters is underwriting a second shareholder lawsuit.

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