Meredith investors can’t revive suit over Time deal – 8th Circ.

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  • 8th Circuit agrees with choose’s dismissal of suit
  • Judges says Meredith statements do not quantity to materials misrepresentations

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(Reuters) – The 8th U.S. Circuit Court of Appeals has upheld the dismissal of a proposed class motion accusing Meredith Corp of deceptive shareholders concerning the success of its $2.8 billion acquisition of Time Inc in 2018.

Circuit Judge Raymond Gruender said that the projections and statements made by Meredith concerning the acquisition didn’t quantity to materials misrepresentations.

Gruender heard the case alongside Chief Judge Lavenski Smith and Circuit Judge David Stras.

Monday’s ruling affirmed an October 2020 decision by U.S. District Judge Charles Wolle in Des Moines, Iowa.

Cooley litigation accomplice Sarah Lightdale, who represented Meredith, mentioned in a press release that the agency and its consumer had been happy with the choice on the “baseless” class motion.

The Meredith shareholders’ lead counsel, John Browne of Bernstein Litowitz Berger & Grossmann, didn’t reply to requests for touch upon Tuesday.

Meredith closed its $2.8 billion acquisition of Time in January 2018, based on a press launch. Through the deal, Meredith expanded its current portfolio of way of life magazines with Time manufacturers like People and Sports Illustrated.

An investor sued Meredith in September 2019 for allegedly making false statements and struggling to fulfill monetary projections outlined as a part of the transaction, based on an amended complaint.

The case is City of Plantation Police Officers Pension Fund v. Meredith Corp, U.S. Court of Appeals for the 8th Circuit, No. 20-3510.

For lead plaintiff City of Plantation Police Officers Pension Fund: John Browne of Bernstein Litowitz Berger & Grossmann

For Meredith Corp: Patrick Gibbs and Sarah Lightdale of Cooley

Read extra:

Meredith to purchase U.S. writer Time in Koch-backed deal

Meredith strikes to promote Time, Fortune and Sports Illustrated titles: sources

Sierra Jackson

Sierra Jackson studies on authorized issues in main mergers and acquisitions, together with deal work, litigation and regulatory modifications. Reach her at sierra.jackson@thomsonreuters.com

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