Starz (NASDAQ: STRZA, NASDAQ: STRZB) Investor Securities Class Action Lawsuit 11/09/2015

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Company Name(s): 
Case Name: 
Starz Shareholder Class Action Lawsuit 11/09/2015
Case Status: 
Case Dismissed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
Case Dismissed: 

March 28, 2016 - The court granted the stipulation of dismissal without prejudice.

January 8, 2016 - Lead plaintiff motions were filed.

November 9, 2015 - An investor in shares of Starz (NASDAQ: STRZA, NASDAQ: STRZB) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Starz in connection with certain allegedly false and misleading statements made between August 1, 2014 and October 29, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Starz (NASDAQ: STRZA, NASDAQ: STRZB) common shares between August 1, 2014 and October 29, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 1, 2014 and October 29, 2015 defendants issued allegedly materially false and misleading statements to investors and/or allegedly failed to disclose that Starz lacked adequate internal controls, that according to a former Starz senior executive, Starz’s contract with Comcast Corporation was a result of illicit business practices, and that as a result, Starz’s public statements were materially false and misleading at all relevant times.

Starz reported that its annual Total Revenue declined from over $1.77 billion in 2013 to over $1.66 billion in 2014 while its Net Income increased from $247.34 million in 2013 to $271.30 million in 2014.

Shares of Starz (NASDAQ: STRZA) grew from $16.67 per share in February 2013 to as high as $45.94 per share in July 2015.

On October 29, 2015, it was revealed that Starz’s former Senior Vice President of Sales and Affiliate Marketing Keno Thomas filed a lawsuit against Starz, CEO Christopher Albrecht, CRO Michael Thornton and Liberty Media. The lawsuit alleges, among other things, that Thomas “was ordered by Starz senior management, at the behest of Mr. Thornton, to fabricate revenue and subscriber information so that Mr. Thornton and Mr. Albrecht could present those falsified figures to Starz’s Board of Directors” and “Starz ultimately terminated Mr. Thomas for his whistleblowing, his refusal to participate in illegal activities[.]”