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PHILADELPHIA, PA / ACCESSWIRE / March 12, 2021 / Kaskela Law LLC announces that it is investigating Sonic Automotive, Inc. ("Sonic" or the "Company") (NYSE:SAH) on behalf of the Company's stockholders.
Sonic stockholders who purchased or acquired shares of the Company's stock prior to October 1, 2020 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 - 1585, or by email at firstname.lastname@example.org or online at https://kaskelalaw.com/case/sonic-automotive-inc/, for additional information about this investigation and their legal rights and options.
On February 18, 2021, Bloomberg published an article 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 article detailed how, "[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." Additionally, Bloomberg reported how "Sonic's ownership structure gives the company more room to shrug off any potential backlash. It's not the only thing corporate governance watchdogs say is a concern. … 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."
The investigation seeks to determine whether the members of Sonic's board of directors breached their fiduciary duties to the Company and its stockholders in connection with the above, including by failing to implement and maintain an effective system of internal controls and/or oversight.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(484) 258 - 1585
(888) 715 - 1740
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SOURCE: Kaskela Law LLC
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