Time Warner shareholder demanded to stop the sale of the company
Private shareholder of Time Warner Corporation has filed a class action suit in New York federal court against the company and its senior officials, alleging in a statement that previously submitted financial statements misled shareholders who voted to sell Time Warner to AT&T conglomerate. According to The Hollywood Reporter, the plaintiff demanded to stop the sale pending clarification. The main complaint is that Time Warner, which owns structures like Warner Bros. and CNN, provided only management forecasts. Instead, the plaintiff, on its own behalf and on behalf of other private investors, requested that the company use generally accepted accounting principles, which would allow shareholders to get a better understanding of the true state of the company's finances. The plaintiff demanded to stop the merger of the two companies. In the event that federal authorities do approve of him before a court ruling on his claim, he and other shareholders will insist on the payment of an unspecified compensation. Representatives of Time Warner have so far declined to comment on this. As a reminder, Time Warner was acquired by media giant AT & T for $ 108 billion. The Topic of Article: Time Warner shareholder demanded to stop the sale of the company. |
