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Meredith Corporation (NYSE: MDP) Investor Securities Class Action Lawsuit 09/05/2019

  • If you purchased shares of Meredith Corporation (NYSE: MDP), 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

Case Dismissed
Company
Meredith Corporation
Security
NYSE: MDP

Case Name
Meredith Shareholder Class Action Lawsuit 09/05/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Iowa

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

October 28, 2020 -The court granted the defendants' motion to dismiss. The case was dismissed with prejudice.

June 22, 2020 - A motion to dismiss the amended complaint was filed.

March 9, 2020 - An amended complaint was filed.

September 6, 2019 - An investor in shares of Meredith Corporation (NYSE: MDP) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Meredith Corporation in connection with certain allegedly false and misleading statements made between May 10, 2018 and September 4, 2019.

Des Moines, IA based Meredith Corporation operates as a diversified media company in the United States, Europe, and Asia.

On September 5, 2019, Meredith Corporation reported its fourth quarter and full year results. Meredith Corporation reported that its Total Revenue rose from over $2.24 billion for the 12 months period that ended on June 30, 2018 to over $3.18 billion for the 12 months period that ended on June 30, 2019 and that its Net Income declined from $99.4 million to $46.3 million over those respective time periods. Meredith Corporation also stated that it expected fiscal 2020 adjusted EBITDA in the range of $640 million to $675 million, which is well below analysts’ expectations of $793 million. Meredith Corporation planned to increase spending to improve operations of Time, Inc., which the Company had acquired in January 2018, because the business was not as profitable as expected. Shares of Meredith Corporation (NYSE: MDP) declined from $71.85 per share in December 2017 to as low as $31.43 per share on September 5, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Meredith Corporation (NYSE: MDP) common shares between May 10, 2018 and September 4, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between May 10, 2018 and September 4, 2019, the Defendants failed to disclose to investors the Time, Inc. acquisition was not as profitable as the Company had claimed, that the Company would incur additional costs for strategic investments to improve the Time business, that, as a result, the Company’s earnings would be materially and adversely impacted, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.