As I write this, Sinclair Broadcast Company’s stock has fallen to its lowest levels since 1995. And that’s not the worst news they’re likely to receive today.<\/p>\n
Via my friend Darrell, I see that Sinclair’s officers are about to face an insider-trading lawsuit<\/a>.<\/p>\n Sinclair Broadcasting Shareholders Demand Officers Return Profits From Insider Trading<\/p>\n Officers Who Ordered Stations to Show Anti-Kerry Film Also Sold Stocks at High Mark, then Drove Values Down<\/p>\n 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.<\/p><\/blockquote>\n And, making matters worse, Media Matters is moving towards a shareholders’ action<\/a> of its own. Media Matters for America (MMFA) announced today that it is underwriting the costs of a shareholder action, demanding that Sinclair Broadcast Group, Inc., provide equal time to those “with views opposed to the allegations” in the anti-Kerry film Stolen Honor, which Sinclair plans to air between October 21-24, in prime time, on all 62 of its stations reaching up to 25 percent of U.S. TV households.<\/p>\n
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