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CBS Corporation (NYSE: CBS) Investor Securities Class Action Lawsuit 12/12/2008

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

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Lawsuit Overview

Case Dismissed
Company
CBS Corporation
Security
NYSE: CBS

Case Name
CBS Corporation Shareholder Class Action Lawsuit 12/12/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

May 10, 2012 - The U.S. Court of Appeals for the Second Circuit ordered the judgment of the district court is affirmed.
June 22, 2011 - The lead plaintiffs filed a notice of appeal.

May 25, 2011 - The court entered judgment in favor of the defendants.

May 24, 2011 - The court granted the defendants' motion to dismiss.

November 19, 2010 - The defendants filed a motion to dismiss.

October 8, 2010 - The lead plaintiffs filed a second amended complaint.

March 16, 2010 - The court granted the defendants' motion to dismiss.

July 13, 2009 - The defendants filed a motion to dismiss.

May 4, 2009 - The lead plaintiffs filed an amended complaint.

March 5, 2009 - The lead plaintiffs and lead counsel were appointed.

February 10, 2009 - Lead plaintiff motions were filed.

December 12, 2008 - 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 against CBS Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 26, 2008 and October 10, 2008.

According to the complaint the plaintiff alleges that CBS Corporation and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements, between February 26, 2008 and October 10, 2008, about CBS Corporation's financial condition and operating results. Specifically, so the complaint, the defendants, among other things failed to disclose that adverse market conditions had materially impaired CBS Corporation’s operations, expected cash flows and the value of its intangible assets, including goodwill and that CBS Corporation’s ‘reported goodwill and intangible assets, which ranged between 69% - 73% of CBS’s total assets and 131% - 137% of CBS’s total equity during February 26, 2008 and October 10, 2008, were materially overstated’ and that CBS Corporation's positive statements that it “clearly has the right broad range of assets to produce outstanding free cash flow quarter after quarter, year after year,” were materially false and misleading and without reasonable basis. On October 10, 2008, CBS Corporation issued a press release announcing that it “expects to incur a non-cash impairment charge of approximately $14 Billion, in the third quarter of 2008” and as a result to this news the price of CBS Corporation (NYSE: CBS) common stock declined from $10.14 to $8.10, on very heavy trading volume, so the lawsuit.