NEW ORLEANS–(BUSINESS WIRE– Former Louisiana Attorney General Charles C. Foti, Jr., Esq., A partner in law firm Kahn Swick & Foti, LLC (“KSF”), announced that KSF has opened an investigation against Sonic Automotive. Inc. (NYSE: SAH).
On October 7, 2020, news sources reported that the company’s chief executive officer, David Bruton Smith, had been arrested and charged with gagging and wrongdoing for wrongful imprisonment, assaulting a woman, and disrupting emergency communications. Shortly thereafter, the company’s board of directors issued a statement confirming that the company “remains steadfast in its support of [its] CEO. ”
Then, on March 1, 2021, news sources reported that Smith had been charged by a Mecklenburg, NC County grand jury on all four charges related to the October 2020 arrest, according to Mecklenburg County Prosecutors.
KSF’s investigation is focused on whether Sonic’s officers and / or directors have violated their fiduciary duty to Sonic’s shareholders or have otherwise violated state or federal law.
If you have information that would assist KSF with the investigation, or were a long-time holder of Sonic stock and would like to discuss your legal rights, please call 1-877-515-1850 toll free with no obligation or cost, or send an E – Mail to KSF Managing Partner Lewis Kahn ([email protected]) or visit https://www.ksfcounsel.com/cases/nyse-sah/ for more information.
About Kahn Swick & Foti, LLC
KSF, partnered with former Louisiana Attorney General Charles C. Foti, Jr., is one of the leading securities litigation law firms in the country. KSF assists a wide variety of clients – including public institutional investors, hedge funds, money managers and private investors – in their search for investment losses due to corporate fraud and misconduct by listed companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you can visit www.ksfcounsel.com.