We are investigating TEGNA, Inc. (TGNA) (“Tegna” or the “Company”) for potential violations of the federal securities laws.
On March 29, 2020, Tegna announced that it had ceased discussions with parties interested in acquiring the Company, citing the disruptions caused by the COVID-19 pandemic. Then, on March 30, 2020, Standard General LP (“Standard General”), owner of 9.7% of Tegna’s outstanding shares, issued a statement criticizing Tegna’s approach to the acquisition offers. Standard General’s founding partner Soo Kim stated that Tegna’s “approach would be off market in any deal environment, and particularly so under current market conditions. . . . [Tegna’s] board’s actions appear designed to end this process before it can even begin in earnest. This is just the latest in a troubling pattern of behavior. It should never have come to this, and shareholders need to hold this board accountable.” On this news, Tegna’s stock price fell $2.53 per share, or 19.15%, to close at $10.68 per share on March 30, 2020.