Starz (NASDAQ:STRZA) Investor Investigation Over Potential Violations Of Securities Laws Announced

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November 09, 2015 (Shareholders Foundation) - An investigation on behalf of investors of Starz (NASDAQ:STRZA) shares over potential securities laws violations by Starz and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Starz (NASDAQ:STRZA) concerning whether a series of statements by Starz regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

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[.]”

Shares of Starz (NASDAQ:STRZA) declined to as low as $31.63 per share on October 30, 2015.