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Follow on Google News | CBS Corporation former and current Employees Investigation concerning possible ERISAInvestigation On Behalf Of Former And Current Employees Of CBS Corporation - Contact the Shareholders Foundation, Inc at mail@shareholdersfoundation.com Or Go To www.ShareholdersFoundation.com To Find Out More
By: Shareholders Foundation, Inc. If you are a former or current employee or are a member of any of CBS Corporation investment plans or profit sharing retirement plans and purchased or held CBS Corporation stock in one of those plans during the periods February 26, 2008 to October 10, 2008, or have information relating to this investigation, you should contact the Shareholders Foundation, Inc. immediately! Email: mail@shareholdersfoundation.com or Call us TODAY! Phone: +1-(858)-779- CBS Corporation has been accused of securities fraud (please see: Class Action Lawsuit On Behalf Of CBS Corporation Investors Against CBS Corp. Over Alleged Violations of Securities Laws Filed; url: http://www.shareholdersfoundation.com/ On Friday, December 12, 2008, a shareholder of CBS Corporation filed a proposed class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of CBS Corporation common stock during the period between February 26, 2008 and October 10, 2008 against CBS Corporation over alleged violations of Securities Laws. According to the complaint the plaintiff alleges that CBS Corporation (NYSE-CBS; “CBS”) and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing period between February 26, 2008 and October 10, 2008 materially false and misleading statements about the its financial condition and operating results. Specifically, so the complaint, the defendants, among other things, failed to disclose that ‘adverse market conditions had materially impaired CBS’s operations, expected cash flows and the value of its intangible assets, including goodwill’ and that CBS’s ‘reported goodwill and intangible assets, which ranged between 69% - 73% of CBS’s total assets and 131% - 137% of CBS’s total equity during the Class Period, were materially overstated’ and that CBS’ positive statements that it “clearly has the right broad range of assets to produce outstanding free cash flow quarter after quarter, year after year,” were materially false and misleading and without reasonable basis. On October 10, 2008, CBS issued a press release announcing that it “expects to incur a non-cash impairment charge of approximately $14 Billion, in the third quarter of 2008” and as a result to this news the price of CBS Corporation common stock declined from $10.14 to $8.10, on very heavy trading volume, so the lawsuit. The ongoing investigation on behalf of former and current employees of CBS Corporation focuses on potential ERISA breach of Fiduciary Duty. The fiduciary duty refers to a company’s responsibility to the people who invest in it and if an employer puts the company’s interest ahead of the investors’, it has broken its fiduciary duty, so the investigation. ERISA, so the press release, is a federal law that sets minimum standards for pension and health plans set up by private businesses and ERISA was designed to protect people who participate in employee benefit plans, including employees with stock options in a company. If you are a former or current employee or are a member of any of CBS Corporation investment plans or profit sharing retirement plans and purchased or held CBS Corporation stock in one of those plans during the periods February 26, 2008 to October 10, 2008, or have information relating to this investigation, you should contact the Shareholders Foundation, Inc. immediately! Email: mail@shareholdersfoundation.com or Call us TODAY! Phone: +1-(858)-779- or send us your information by mail / facsimile: Shareholders Foundation, Inc. Trevor Allen 3111 Camino Del Rio North - Suite 423 - 92108 San Diego Tel:+1-(858)- Fax:+1-(858)- mail@shareholdersfoundation.com www.ShareholdersFoundation.com ____________________________________________________________ # # # Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Any statements made in press releases, emails or over the phone by any member or personnel employed by Shareholders Foundation, Inc. or by third parties related to the Shareholders Foundation, Inc. is provided for research and guidance purposes only and are not legal advices. The information is provided as a public service. It is not intended as legal advice and should not be relied upon. End
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