NEW YORK–(BUSINESS WIRE)–Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Sonic Automotive, Inc. (“Sonic” or “the Company”) (NYSE: SAH). Investors who purchased Sonic securities are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: www.bgandg.com/sah.
The investigation concerns whether Sonic and certain of its officers and/or directors have violated federal securities laws.
On October 7, 2020, The Charlotte Observer revealed that David Bruton Smith, Sonic’s Chief Executive Officer, was “arrested Monday and charged with assault on a female and felony assault by strangulation, according to public records and the Mecklenburg County Detention Center.”
Then on February 18, 2021, Bloomberg published a report, “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 alleged that “[b]arely 24 hours after his 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,” and continued to state 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.”
If you are aware of any facts relating to this investigation, or purchased Sonic shares, you can assist this investigation by visiting the firm’s site: www.bgandg.com/sah. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.