November 2, 2015
Bernstein Liebhard LLP is investigating whether Starz Inc. (“Starz” or the “Company”) (NYSE: STRZA) issued materially false and misleading statements to investors in violation of the federal securities laws.
Starz, through its wholly-owned subsidiary Starz, LLC, provides premium subscription video programming to U.S. multichannel video programming distributors, including cable operators, satellite television providers and telecommunications companies. Starz also develops, produces and acquires entertainment content and distributes this content to consumers in the U.S. and throughout the world.
On October 29, 2015, the Company reported its third quarter 2015 financial results. Later that day, after market close, online magazine Deadline Hollywood revealed that a lawsuit had been filed against Starz, CEO Christopher Albrecht, CRO Michael Thornton and Liberty Media by Keno Thomas, the Company’s former Senior Vice President of Sales and Affiliate Marketing. Among other things, the complaint alleged that the defendants retaliated against Mr. Thomas for whistleblowing with regard to the Company’s affiliate carriage deals with Comcast and DirecTV and for refusing to participate in illegal behavior. Specifically, Thomas claims to have been “ordered by Starz senior management, at the behest of Mr. Thornton, to fabricate revenue and subscriber information so that Mr. Thornton and Mr. Albrecht could present those falsified figures to Starz’ Board of Directors[.]“
When the market opened on October 30, 2015, shares of Starz fell over 13% during intraday trading.
If you have lost money in Starz, are interested in discussing your rights as a Starz shareholder, and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.
