Wednesday, October 20, 2004

Sinclair news for Wednesday

Sinclair Shareholders are taking legal action:

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)


Sinclair have now issued a press release saying they will not be showing the propaganda piece in its entirety:

Contrary to numerous inaccurate political and press accounts, the Sinclair stations will not be airing the documentary "Stolen Honor" in its entirety. At no time did Sinclair ever publicly announce that it intended to do so. In fact, since the controversy began, Sinclair's website has prominently displayed the following statement: "The program has not been videotaped and the exact format of this unscripted event has not been finalized. Characterizations regarding the content are premature and are based on ill- informed sources."


Boycottsbg point out that this is contradicted by their TV guide listings which confirm a 60 minute programme. They recorded the 80th advertiser to dump Sinclair a couple of days ago.
Meanwhile Sinclair stock looks like this:








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