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.
The Portnoy Law Firm has commenced an investigation into these claims of alleged securities fraud and currently prepares a complaint on behalf of investors.
Townsquare Media, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to email@example.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at firstname.lastname@example.org.
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The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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