NEW YORK, March 1, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (NASDAQ: SBGI).  Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Sinclair and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On February 23, 2022, Sinclair issued a press release reporting its financial results for the fourth quarter of 2021.  Among other items, Sinclair disclosed that "[t]he Company experienced a ransomware cyber incident in October 2021 and has since resumed normal business operations and implemented several enhancements to the cybersecurity measures it had in place at the time of the incident.  The Company paid no ransom, and was able to restore its network from backups, but there was some disruption which impacted revenues and expenses.  The incident resulted in a $63 million loss of advertising revenues for the broadcast segment in the fourth quarter and incurred costs of $11 million to date.  After potential insurance reimbursements, noting that there can be no assurance that the insurance policies will pay their full coverage or the timing of such reimbursements, the Company estimates that the cyber incident will have resulted in approximately $24 million of unrecoverable net loss; however, that estimate may increase as details of the recoverySinclair Broadcast Group, Inc. are still fluid."  On this news, Sinclair's stock price fell sharply during intraday trading on February 23, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

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SOURCE Pomerantz LLP