[DOWNLOAD] "Pugh v. Tribune Co." by United States Court of Appeals for the Federal Circuit " Book PDF Kindle ePub Free
eBook details
- Title: Pugh v. Tribune Co.
- Author : United States Court of Appeals for the Federal Circuit
- Release Date : January 02, 2008
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 71 KB
Description
In this consolidated appeal, we review two cases arising out of a fraud that occurred at a New York subsidiary of defendant Tribune Company. Certain employees at the subsidiary falsely boosted the circulation figures of two newspapers, Newsday and the Spanish-language Hoy, increasing the amount that they were able to charge advertisers and, in turn, inflating revenues. Tribune, along with an independent auditor, ultimately discovered and publicly disclosed the fraud, which resulted in a $90 million charge against earnings. Our first case is a securities class action brought by purchasers of Tribune common stock against Tribune, four of its executive officers, and five employees of Newsday and Hoy. Our second case is an ERISA class action brought by participants in Tribunes pension plans that held shares in an employee stock ownership plan (ESOP) against the alleged plan fiduciaries. The district court (Judge William T. Hart) dismissed both cases with prejudice. They are now before us on the plaintiffs appeals.