Grupo Televisa, S.A.B. Accused of Misstating its Business, Operational, and Compliance Policies
According to the complaint, throughout the class period, Grupo Televisa, S.A.B. executives engaged in unlawful bribery schemes involving Fédération Internationale de Footbal Association (“FIFA”) executives, reflecting the company’s lack of internal controls over financial reporting. This bribery scheme was first revealed on November 14, 2017, at the corruption trial of three former FIFA executives, who testified that Grupo Televisa, and other media companies, had paid multi-million dollar bribes to FIFA executives to secure lucrative broadcasting rights for soccer tournaments. Then, on January 26, 2018, Grupo Televisa announced that “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.” Since information regarding the company’s issues were reported, it ADRs have fallen almost 20%.
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