Townsquare Media Investors, Have You Suffered Losses on Your Investment? You may be eligible to participate in a class action to recover your losses
Click here to contact the Portnoy Law Firm and participate in the action.
LOS ANGELES, June 10, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Townsquare Media, Inc. (NYSE: TSQ) investors that the firm has initiated an investigation into alleged violations of securities laws, and may file a lawsuit on behalf of investors to recover losses suffered by investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, including eligibility for appointment as a class representative.
The investigation focuses on whether Townsquare Media misled investors regarding its compliance with proper accounting practices. On June 9, 2020, Townsquare Media disclosed that it would report an impairment charge of approximately $39.4 million for its licenses and an impairment charge of approximately $69.0 million for its goodwill. The Company also announced that certain financial statements for fiscal years 2017, 2018 and 2019 should no longer be relied upon and would be restated due to an error "in the projected cash flows that were utilized in [its] valuation model."
On this news, the Company's share price fell $1.20, or nearly 19%, to close at $5.28 per share on June 9, 2020, thereby injuring investors.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors from around the world and specializes in securities class actions and shareholder rights litigation. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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