PHILADELPHIA, PA / ACCESSWIRE / November 3, 2021 - - -Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of shareholders of ViacomCBS Inc. ("ViacomCBS" or the "Company") (NASDAQ:VIAC; NASDAQ:VIACA).
On October 29, 2021, a class action lawsuit was filed against Defendants Goldman Sachs Group Inc. and Morgan Stanley (collectively, the "Defendants") in United States District Court, Southern District of New York, based on their alleged, unlawful use of material, non-public information.
According to the class action complaint, the lawsuit arose ". . . from the unlawful use of material non-public information by Defendants Goldman Sachs and Morgan Stanley, who collectively avoided billions in losses by selling shares of ViacomCBS . . . to Plaintiff and other unsuspecting and unwitting public shareholders, after confidentiality learning that Archegos Capital Management (‘Archegos'), a family office with $10 billion under management, failed (or was likely to fail) to meet a margin call, requiring it to liquidate its position in the Company."
The Defendants, according to the complaint, ". . . sold a large number of ViacomCBS shares during the week of March 22, 2021, while in possession of material, non-public information. According to subsequent media reports, Defendants unloaded large block trades consisting of shares of Archegos' doomed bets, including billions worth of ViacomCBS securities, late Thursday, March 25, 2021, before the Archegos story reached the public, sending ViacomCBS's stock into a complete tailspin . . .."
VIACOMCBS INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, THE COMPANY'S SECURITIES BETWEEN MARCH 22, 2021 AND MARCH 29, 2021 WHO WISH TO DISCUSS KEHOE LAW FIRM'S SECURITIES CLASS ACTION INVESTIGATION OR HAVE QUESTIONS ABOUT POTENTIAL LEGAL CLAIMS ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM'S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT EITHER JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, [email protected], OR MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected].
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff-side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
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SOURCE: Kehoe Law Firm, P.C.