Sinclair Broadcast Group, Inc. (SBGI) 

Investigation 

Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Sinclair Broadcast Group, Inc. (SBGI) ("Sinclair" or the "Company") (NASDAQ: SBGI). Investors who purchased Sinclair securities are encouraged to obtain additional information and assist the investigation.

 

The investigation concerns whether Sinclair and certain of its officers and/or directors have violated federal securities laws.

 

On February 23, 2022, Sinclair issued a press release reporting its financial results for the fourth quarter of 2021.  Among other items, Sinclair disclosed that “[t]he Company experienced a ransomware cyber incident in October 2021 and has since resumed normal business operations and implemented several enhancements to the cybersecurity measures it had in place at the time of the incident.  The Company paid no ransom, and was able to restore its network from backups, but there was some disruption which impacted revenues and expenses.  The incident resulted in a $63 million loss of advertising revenues for the broadcast segment in the fourth quarter and incurred costs of $11 million to date.  After potential insurance reimbursements, noting that there can be no assurance that the insurance policies will pay their full coverage or the timing of such reimbursements, the Company estimates that the cyber incident will have resulted in approximately $24 million of unrecoverable net loss; however, that estimate may increase as details of the recovery are still fluid.”  On this news, Sinclair’s stock price fell sharply during intraday trading on February 23, 2022.

 

If you are aware of any facts relating to this investigation or purchased Sinclair shares, you can assist this investigation. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484. 

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.