New York, New York--(Newsfile Corp. - March 28, 2023) - Pomerantz LLP is investigating claims on behalf of investors of iHeartMedia, Inc.("iHeartMedia" or the "Company") (NASDAQ: IHRT). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether iHeartMedia and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On March 28, 2023, BofA downgraded iHeartMedia to "underperform" from "neutral," citing "limited near term visibility in IHRT's business coupled with a high net leverage." BofA further stated that "[a]bsent a significant re-acceleration in the macro environment or IHRT's fundamentals, we do not believe IHRT will generate a substantial enough amount of free cash flow to effectively de-lever the balance sheet." On this news, iHeartMedia's stock price fell sharply during intraday trading on March 28, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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