Sonic Automotive, Inc. is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Sonic Automotive, Inc. (NYSE: SAH), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm focuses on whether a series of statements by Sonic Automotive, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Charlotte, NC based Sonic Automotive, Inc. operates as an automotive retailer in the United States. On February 18, 2021, an article was published about Sonic Automotive, Inc. entitled “CEO Charged With Choking Woman Garners Board Support, Not Rebuke: Governance watchdogs say a firmer response is needed after Sonic Automotive’s David Smith was charged with assaulting a woman.” The Bloomberg article reported, in relevant part, on the October 2020 arrest of Sonic Chief Executive Officer (“CEO”) David Smith, who “was charged with three misdemeanor counts and one for felony assault by strangulation, a charge that can carry a sentence of as long as two years in prison.” The article reported that “[b]arely 24 hours after [Smith’s] release, Sonic’s board—more than a quarter of which is made up of Smith family members, including the CEO’s father and 93-year-old founder O. Bruton Smith—said it believed he was innocent and pledged its ‘steadfast’ support.” The article added that “Sonic’s ownership structure gives the company more room to shrug off any potential backlash. . . . The Smith family has about 80% of the voting power despite holding only a third of the shares outstanding because of a dual-class structure with supervoting stock.”
Those who purchased shares of Sonic Automotive, Inc. (NYSE: SAH), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North
San Diego, CA 92108
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.