Sinclair Broadcasting - Insider Trading?

[reprehensor]

These guardians of truth? It cannot be!

(Previously posted in LBN)

U.S. Newswire

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SINCLAIR BROADCASTING SHAREHOLDERS DEMAND OFFICERS RETURN PROFITS FROM INSIDER TRADING

Officers Who Ordered Stations to Show Anti-Kerry Film Also Sold Stocks at High Mark, then Drove Values Down

DETAILS:

Famed shareholder attorney William S. Lerach will hold a news conference at 1 p.m. today to discuss insider self-dealing by officers of Sinclair Broadcasting, the Baltimore-based television chain that is forcing its affiliates to show a propaganda film that attacks presidential candidate John Kerry. He will release a set of demands aimed at making Sinclair executives disgorge millions of dollars in unjustified profits taken out of the firm when stock prices were high during the past 12 months. Yesterday the company's stock fell a further 8 percent after being down more than 50 percent from the year's beginning, as advertisers pulled back to avoid the station's self-generated political controversy. Lerach and Patrick Daniels, San Diego-based partners in Lerach Coughlin Stoia Geller Rudman Robbins, the nation's most successful securities litigation firm, will discuss actions it will take against Sinclair. Lerach Coughlin is a 140-member firm with offices in nine cities that has prosecuted hundreds of shareholder class action and derivative lawsuits, recovering more than $25 billion for clients. (For more on the firm go to: http://www.lerachlaw.com)

[Wickerman]

1. I'm thinking this ain't working out too well for the Rethuglicans

at Sinclair. Whatdya think?

edit - o

[sandnsea]

2. Damned trial lawyers

Bwahahahahhhahaa :evilgrin:

[wurzel]

3. Looks like these clowns have brought attention to themselves.

Unintended consequences.

[LiberalEsto]

4. There's nothing like a dose

of well-earned karma!

[Gothmog]

5. Yeah, Lerach is an excellant attorney

This is going to be fun. Lerach and his old firm, Milberg Weiss, were cited as being the reason for the GOP pushing the Private Securities Litigation Reform Act that was passed of President Clinton's veto.

You can expect Sinclair's stock value to decline still further.

[mumon]

6. Yes. But of course.

This is likely why the stock went down yesterday- forget all that crap I wrote about Kerry winning.

This is, sadly to say, typical of the market. There have been statistical tests run on markets to determine if the "efficient market hypothesis" bears out.

It doesn't, apparently because, despite laws, insider trading is rife

[reprehensor]

7. Rate it!

http://story.news.yahoo.com/news?tmpl=story&u=/usnw/20041019/pl_usnw/sinclair_broadcasting_shareholders_demand_officers_return_profits_from_insider_trading__conf__call_today_1_pm_et123_xml

[rlev1223]

9. I did --mine is the only vote......

????

[Minimus]

14. same here. ??? one vote 5.0 rating

[reprehensor]

17. It takes a few votes before they rate it, I think.

[jefferson_dem]

8. Could someone explain this in regular English please?

I have an elementary understanding of what insider trading is, but what exactly is being alleged here? Anyone willing to speculate on fallout?

[Robbien]

10. Insiders sold 2,065,000 shares in the last six months at $15/sh

Because insiders are playing politics instead of running a broadcasting business, the stock has fallen to mid 6 dollars a share. The insiders knew they were going to take a chance on politics (which would drive the share price down) so sold their shares at the higher price then the insiders did deliberate actions which drove the price down.

[jefferson_dem]

13. Thanks. Hopefully the exposure of these shenanigans will deliver another

body blow and perhaps even bring down these bastards.

[in_cog_ni_to]

11. You would think their closets would be clean

before moving forward with this partisan anti-Kerry bullshit, wouldn't you? They're thinking, Kenny Boy is still walking free, we will too. These people are unreal. Martha is sitting in prison for a $60,000 trade (?) and they pull THIS and think they can get away with it? I wonder why. :eyes:

[seabeyond]

12. why would you think that. i would think the complete opposite

just a laughin my ass off

i mean a dem would try to sweep up, lol lol lol but a repug thinks he can take over the world.........and not get in trouble. ah look bush cheney last 4 years

[Rose Siding]

15. Bush's SEC will be all over this

/sarcasm

[JusticeForAll]

16. Kerry's will!

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