On Friday, December 12, 2008, a shareholder of CBS Corporation (NYSE: CBS) has filed a proposed class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of CBS Corporation (NYSE:CBS) common stock during the period between February 26, 2008 and October 10, 2008 against CBS Corporation over alleged violations of Securities Laws.

According to the complaint the plaintiff alleges that CBS Corporation (NYSE:CBS; “CBS”) and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing period between February 26, 2008 and October 10, 2008 materially false and misleading statements about the its financial condition and operating results. Specifically, so the complaint, the defendants, among other thing,s failed to disclose that ‘adverse market conditions had materially impaired CBS’s operations, expected cash flows and the value of its intangible assets, including goodwill’ and that CBS’s ‘reported goodwill and intangible assets, which ranged between 69% - 73% of CBS’s total assets and 131% - 137% of CBS’s total equity during the Class Period, were materially overstated’ and that CBS’ positive statements that it “clearly has the right broad range of assets to produce outstanding free cash flow quarter after quarter, year after year,” were materially false and misleading and without reasonable basis. On October 10, 2008, CBS issued a press release announcing that it “expects to incur a non-cash impairment charge of approximately $14 Billion, in the third quarter of 2008” and as a result to this news the price of CBS Corporation (NYSE:CBS) common stock declined from $10.14 to $8.10, on very heavy trading volume, so the lawsuit.