PHILADELPHIA, June 03, 2016 (GLOBE NEWSWIRE) -- Barrack Rodos & Bacine announces that a stockholder derivative lawsuit has been filed in the Court of Chancery of the State of Delaware on behalf of Tribune Publishing Company (NYSE:TPUB) (“Tribune” or the “Company”). The action is brought against the Company’s board of directors, led by Michael W. Ferro, for its failure to respond in good faith to premium offers by a prospective bidder to purchase the Company, asserting breach of fiduciary duty claims and against defendants Patrick Soon-Shiong and his investment entity Nant Capital, LLC (“Nant Capital”), for aiding and abetting the board’s breaches of fiduciary duty.
If you are a current Tribune stockholder and wish to discuss your rights, please contact Barrack Rodos & Bacine at the following toll-free number: 877-386-3304, or via e-mail to Jeffrey W. Golan (jgolan@barrack.com) or Julie B. Palley (jpalley@barrack.com). Barrack Rodos & Bacine has four decades of experience prosecuting stockholder derivative actions and securities class actions and has achieved some of the largest recoveries in the history of such litigation.
According to the complaint, in April 2016, Gannett Co. offered to buy all of the outstanding shares of Tribune for $12.25 cash per share at a time when the Company’s stock was trading at $7.43 per share. Gannett subsequently raised its offer to $15 per share and indicated a willingness to increase its offer even higher. The complaint alleges that since April, the Company’s board has refused to engage with Gannett about a sale of the Company to Gannett and, instead, has entered into a series of defensive measures to make a sale to Gannett impossible and to entrench Tribune’s current leadership and board members. Among other things, the Company sold $70 million worth of shares to Nant Capital at the same price Gannett was offering to buy all of the Company’s shares from all Tribune stockholders. The lawsuit seeks to unwind the Nant Capital sale because it poses a risk that Gannett will pull its offer to buy the Company.
Tribune is headquartered in Chicago, Illinois. It is a multiplatform media company that publishes newspapers in the United States. The Company operates 11 daily newspapers; approximately 160 weekly or monthly community/niche publications and products; and approximately 120 digital platforms online and on mobile.