NEW YORK, Aug. 10, 2018 /PRNewswire/ -- Kaplan Fox &
Kilsheimer LLP (www.kaplanfox.com) is investigating claims
on behalf of investors of Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (NASDAQ: SBGI). Investors who
purchased Sinclair securities between February 22, 2017 and July 19,
2018 (the "Class Period") may be affected. A complaint has been filed in the United
States District Court for the District of Maryland against Sinclair and certain
executives of the Company on behalf of investors that purchased or otherwise acquired Sinclair common stock during the Class
Period.
According to the complaint, Sinclair is the largest television station operator in the United
States both by number of stations and total coverage.
During the Class Period Sinclair announced a proposed $3.9 billion merger with Tribune Media Co.
("Tribune"). The complaint alleges that throughout the Class Period, Sinclair and the other defendants, made materially false and
misleading statements assuring investors and the Federal Communications Commission ("FCC" or "Commission") that it was using its
"best efforts" to obtain regulatory approval and close the Tribune deal. Additionally, the Company allegedly said it would sell
or divest certain stations as necessary "in order to comply with FCC ownership requirements and antitrust regulations."
However, according to the complaint, Sinclair engaged in a fraudulent scheme to deceive the FCC and the investing public by
creating "sham" transactions with buyers intertwined with the Company and its controlling shareholders, the Smith brothers, in an
effort to misleadingly convince regulators that Sinclair's proposed merger with Tribune was in compliance with FCC ownership
regulations.
On July 16, 2018 reports began to emerge that the FCC was designating the Sinclair/Tribune
merger proposal for a hearing due to "serious concerns" that "Sinclair's actions here potentially involve
deception." Following this news, the price of Sinclair shares fell $3.85 per share, or 11.6%,
to close at $29.10 per share on July 16, 2018. According to the
complaint, Sinclair shares continued to fall over the next two trading days, closing at $27.40 per
share on July 18, 2018.
Then, after the markets closed on July 18, 2018, the FCC unanimously voted to send the proposed
merger to a hearing. Among other things, the FCC stated that there was "a substantial and material question of fact as to whether
Sinclair affirmatively misrepresented or omitted material facts" and whether Sinclair had "attempted to skirt the Commission's
broadcast ownership rules." Following this news, the price of Sinclair shares fell by $1.10
per share, or 4%, to close at $26.30 per share on July 19, 2018 - a
total price decline over four days of more than 20%.
If you are a member of the proposed Class, you may move the court no later than October 9, 2018
to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any
possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical
rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York,
San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting
investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit
our website at www.kaplanfox.com. If you have any
questions about this Notice, the action, your rights, or your interests, please contact:
Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: ffox@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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SOURCE Kaplan Fox & Kilsheimer LLP