SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Notifies Investors of Class Action Against Grupo Televisa, S.A.B. (TV) & Lead Plaintiff Deadline: May 4, 2018

NEW YORK, March 6, 2018 /PRNewswire/ -- Attorney Advertising --Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Grupo Televisa, S.A.B. ("Televisa" or the "Company") (NYSE: TV) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Televisa American Depositary Receipts ("ADRs") between April 11, 2013 and January 25, 2018, both dates inclusive. Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/tv.

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Televisa executives engaged in an unlawful bribery scheme involving Fédération Internationale de Football Association ("FIFA") executives; (2) discovery of the foregoing conduct would likely subject the Company to heightened regulatory scrutiny; (3) the Company lacked effective internal controls over financial reporting; and (4) as a result of the foregoing, Televisa's ADRs traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.

On November 14, 2017, at the corruption trial of three former executives of FIFA, Alejandro Burzaco, a former Chief Executive Officer of the sports-marketing company Torneos y Competencias S.A., testified that Televisa and other media companies had paid multi-million dollar bribes to FIFA executives in order to secure lucrative, multi-year broadcasting rights for soccer tournaments. On this news, Televisa's ADRs price fell $0.48, or 2.4%, to close at $19.50 on November 14, 2017.

On January 26, 2018, Televisa announced that "the Company's management, in consultation with the Audit Committee of the Company's board and after discussions with PricewaterhouseCoopers, S.C. ("PwC"), the Company's independent registered public accounting firm, has concluded that certain material weaknesses in the Company's internal control over financial reporting existed as of December 31, 2016."  Specifically, Televisa advised investors that "[t]he material weaknesses in the Company's internal control over financial reporting related to (1) the design and maintenance of effective controls over certain information technology controls which support systems that are relevant to the provisioning, updating and deleting of users' access to those systems, the periodic review of users' access to these systems, developers' access to certain of these systems and appropriate segregation of duties; (2) the design and maintenance of effective controls over segregation of duties within the accounting system, including certain individuals with the ability to gain access to prepare and post journal entries across substantially all key accounts of the Company without an independent review performed by someone other than the preparer; and (3) ineffective controls with respect to the accounting for certain revenue and related accounts receivable in our cable companies and content division."  On this news, Televisa's ADRs fell $0.29, or 1.38%, to close at $20.66 on January 26, 2018.

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/tv or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Televisa you have until May 4, 2018 to request that the Court appoint you as lead plaintiff.  Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.   Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz 
212-697-6484 | info@bgandg.com

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SOURCE Bronstein, Gewirtz & Grossman, LLC