Meredith Corporation

Practice Area: 
Stock Symbol: 
MDP
Case Status: 
Investigations

The investigation focuses on whether Meredith issued false and misleading statements regarding its business practices and prospects.  Specifically, despite repeated reassurances to the contrary, Meredith’s acquisition of certain print assets of Time Inc. was not producing anticipated financial results, as Meredith was taking longer to turn around the advertising performance of these assets.  Moreover, the number of low-margin magazine subscriptions Meredith encountered inside the legacy Time Inc. brands was more than anticipated. As noted by Wolf Research analyst Marci Ryvicker, Meredith “didn’t know what they were buying with Time Inc.,” and most of the $400 million in earnings that Meredith was expecting “just...poof! disappeared.”