Press release
Investigation announced for Investors in shares of Liberated Syndication Inc. (OTC: LSYN)
An investigation for investors in Liberated Syndication Inc. (OTC: LSYN) shares over potential securities laws violations.
Investors who purchased shares of Liberated Syndication Inc. (OTC: LSYN), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Liberated Syndication Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Pittsburg, PA based Liberated Syndication Inc. provides podcast and web hosting services in the United States and internationally. Liberated Syndication Inc. reported that its annual Total Revenue rose from $22.01 million in 2018 to $24.20 million in 2019, and that Net Income declined from $3.78 million in 2018 to $2.83 million in 2019.
On May 18, 2021, Liberated Syndication Inc. filed a notice with the U.S. Securities and Exchange Commission, stating that the Company’s “[c]onsolidated Balance Sheet as of December 31, 2018, the Consolidated Statement of Operations for the year ended December 31, 2018, the Statement of Stockholders’ Equity for the year ended December 31, 2018, and the Consolidated Statement of Cash Flows for the year ended December 31, 2018, all as presented in the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2018, as filed with the Securities and Exchange Commission on May 27, 2020” as well as “[t]he related interim financial statements and interim financial statements for the first three quarters of 2018” “should no longer be relied upon due to errors in recording local sales and income tax, errors in recording VAT and General Sales Taxes, errors in recording withholding tax related to restricted stock vesting events, and errors associated with deferred tax calculations[.]” Liberated Syndication advised that “[t]he Company will correct the financial statements for 2018 and 2019 and the quarterly reports for 2020 in forthcoming amendments to the applicable Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.”
Shares of Liberated Syndication Inc. (OTC: LSYN) closed on June 3, 2021 at $4.07 per share.
Those who purchased shares of Liberated Syndication Inc. (OTC: LSYN) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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The investigation by a law firm concerns whether certain Liberated Syndication directors breached their fiduciary duties and caused damage to the company and its shareholders.
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