NEW YORK, April 28, 2009 (GLOBE NEWSWIRE) -- On April 8, 2009, Donald Dixon ("Plaintiff"), individually and on behalf of himself and all others similarly situated, filed a class action lawsuit in the United States District Court Northern District of Georgia Atlanta Division civil action No. 09-CV-00938 in connection with a cash tender offer announced on March 23, 2009 by Cox Enterprises, Inc., the Company's majority stockholder, through its unit Cox Media Group, Inc. ("Cox Media") (collectively, "Cox Enterprises") for all of the outstanding publicly held minority interest in Cox Radio for $3.80 per share in cash, or a total payment of approximately $69.1 million, including fees and expenses (the "Tender Offer"). On April 15, 2009, Plaintiff filed an amended class action complaint (the "Complaint").
The Complaint alleges that the Tender Offer is unfairly coercive and that SEC filings made pursuant to the Tender Offer omitted material information. The Complaint alleges that defendants' actions with respect to the Tender Offer violated the federal securities laws, including Sections 14(e), 14(d) and 13(e) of the Securities Exchange Act of 1934 ("Exchange Act") and SEC Rules promulgated thereunder. In addition, the Complaint alleges that defendants breached their fiduciary duties owed to the proposed class of shareholders. Consequently, the Company's public shareholders are being asked to make a decision on whether to tender their shares or seek appraisal without adequate information (and in a highly condensed time frame).
All persons or entities who were stockholders of record of Cox Radio or beneficial owners of Cox Radio common stock on March 23, 2009 are hereby notified that, not later than sixty (60) days after April 28, 2009, the date on which this notice is published, any member of the purported Class may move the United States District Court Northern District of Georgia to serve as lead plaintiff of the purported Class.
Contact: Peter D. Bull, Esq. of Bull & Lifshitz, LLP, or Joshua M. Lifshitz, Esq. of Bull & Lifshitz, LLP, both Attorneys for Plaintiff, via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com