Meredith Corporation (MDP)


Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Meredith Corporation To Contact The Firm 

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Meredith Corporation (“Meredith” or the “Company”) (NYSE: MDP) of the November 5, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. 

If you invested in Meredith stock or options between May 10, 2018 and September 4, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.  

The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Meredith securities between May 10, 2018 and September 4, 2019 (the “Class Period”).  The case, Wirthwein v. Meredith Corporation, No. 19-cv-08340 was filed on September 6, 2019, and has been assigned to Judge George B. Daniels.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements, as well as failing to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) the Time, Inc. acquisition was not as profitable as the Company had claimed; (2) that the Company would incur additional costs for strategic investments to improve the Time business; (3) that, as a result, the Company’s earnings would be materially and adversely impacted; and (4) 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.

On September 5, 2019, the Company 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 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.

On this news, Meredith’s stock fell from $43.82 on September 4, 2019 to $33.68 on September 5, 2019—a $10.12 or 23.14% drop.
 

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Meredith Corporation (MDP)

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Details

Filed on 09/17/2019

Ticker NYSE:MDP

Lead Plaintiff Deadline 11/05/2019

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

Richard W. Gonnello rgonnello@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

Finding us

Our Offices


Our offices are nationwide. If you have any questions about a case or our firm, please contact us.

New York

685 Third Avenue 26th Floor
New York, New York 10017
(212) 983-9330
(877) 247-4292
(212) 983-9331

California

10866 Wilshire Boulevard Suite 1470
Los Angeles, California 90024
(424) 256-2884
(424) 256-2885

Delaware

3828 Kennett Pike Suite 201
Wilmington, Delaware 19807
(302) 482-3182
(302) 482-3612

Georgia

3975 Roswell Rd Suite A
Atlanta, Georgia 30342
(404) 847-0617
(404) 506-9534

Pennsylvania

1617 JFK Boulevard, Suite 1550
Philadelphia, Pennsylvania 19103
(215) 277-5770
(215) 277-5771

Faruqi & Faruqi office in New York, New York

Faruqi & Faruqi office in Los Angeles, California

Faruqi & Faruqi office in Wilmington, Delaware

Faruqi & Faruqi office in Atlanta, Georgia

Faruqi & Faruqi office in Philadelphia, Pennsylvania