Townsquare Media, Inc. operates as a radio, digital media, entertainment, and digital marketing solutions company in small and mid-sized markets. The company provides advertising and marketing solutions to advertisers and businesses through its radio stations, Websites, radio stations’ online streams, and mobile applications.
On June 9, 2020, Townsquare filed their 2019 Form 10K with the SEC that reported an impairment charge of approximately $39.4 million for its FCC licenses and an impairment charge of approximately $69.0 million for its goodwill. Townsquare also announced that certain financial statements for the fiscal years of 2017, 2018 and 2019 would be restated due to “an error in the projected cash flows that were utilized in [its] valuation model.”
On this news, Townsquare shares fell of $1.20, or about 19% to close at $5.28 per share at the end of the day on June 9, 2020.
If you are a shareholder of Townsquare who suffered a loss, we encourage you to contact one of our attorneys at Lowey Dannenberg at (914) 733-7256 or investigations@lowey.com to learn more about this case or to discuss your options.
Whistleblowers: Persons with non-public information regarding Townsquare should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has in the past recovered billions of dollars on behalf of investors.
Contact
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7256
Email: investigations@lowey.com