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CBS Corporation (NYSE: CBS) Investor Securities Class Action Lawsuit 08/27/2018

  • If you purchased shares of CBS Corporation (NYSE: CBS) you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
CBS Corporation
Security
NYSE: CBS

Case Name
CBS Corporation Shareholder Class Action Lawsuit 08/27/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

January 15, 2020 - The court granted in part and denying in part the defendants' motion to dismiss.

April 12, 2019 - A motion to dismiss the amended complaint was filed.

February 11, 2019 - An amended complaint was filed.

August 27, 2018 - An investor in shares of CBS Corporation (NYSE: CBS) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by CBS in connection with certain allegedly false and misleading statements made between February 14, 2014, through July 27, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of CBS Corporation (NYSE: CBS) common shares between February 14, 2014, through July 27, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 14, 2014, through July 27, 2018, the Defendants made false and/or misleading statements and/or failed to disclose thatCBS executives, including the Company's Chairman and Chief Executive Officer, Leslie Les Moonves, had engaged in widespread workplace sexual harassment at CBS, that CBS's enforcement of its own purported policies was inadequate to prevent the foregoing conduct, that 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 that as a result, CBS's public statements were materially false and misleading at all relevant times.

New York, based CBS Corporation operates as a mass media company worldwide. CBS Corporation reported that its annual Total Revenue rose from over $13.16 billion in 2016 to over $13.69 billion in 2017 and that its Net Income declined from over $1.26 billion in 2016 to $357 million in 2017.

On July 27, 2018, media outlets reported that The New Yorker would shortly publish an article detailing allegations of sexual misconduct by CBS chairman and chief executive officer Leslie Moonves. That same day, CBS Corporation announced that it will investigate the allegations against Moonves, stating that [a]ll [allegations] of personal misconduct are to be taken seriously.

Shares of CBS Corporation (NYSE: CBS) declined on July 30, 2018 to as low as $50.91 per share.