Cumulus Media Overstates Earnings, Says the Pomerantz Firm.Business Editors & Legal Writers NEW YORK--(BUSINESS WIRE)--April 11, 2000 The following is an announcement by the law firm of Pomerantz Haudek Block Grossman & Gross LLP LLP - Lower Layer Protocol : Cumulus Media Cumulus Media, Inc. (also known as Cumulus Broadcasting) NASDAQ: CMLS is a large owner of radio stations in markets in the United States with 307 stations in 61 markets as of December 31, 2005. , Inc. ("Cumulus cumulus: see cloud. " or the "Company") (Nasdaq:CMLS CMLS Central Minnesota Legal Services CMLS Chemical Movement in Layered Soils CMLS Centralized Mail List Services (GSA) CMLS Contractor Maintenance & Logistics Support ) issued a series of false and misleading statements during the period between May 11, 1999 and March 14, 2000, inclusive (the "Class Period") in which they allegedly stated that the Company was experiencing record growth. However, Cumulus' earnings were not increasing in the amounts represented by the Company because they had improperly allocated revenue and expenses for contract sales in violation of Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "). Subsequently, Cumulus announced that it would be restating its financials for the first three quarters of fiscal year 1999, according to allegations in a complaint filed by Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) on behalf of all those who purchased the common stock of Cumulus during the Class Period. If you purchased Cumulus common stock during the Class Period, you have until May 16, 2000 to ask the Court to appoint you as one of the lead plaintiffs for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. CONTACT: Andrew G. Tolan, Esq. of Pomerantz Haudek Block Grossman & Gross LLP, 888-476-6529 ((888) 4-POMLAW) or agtolan@pomlaw.com |
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