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LOS ANGELES–(BUSINESS WIRE)–$SAH #SAHThe Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Sonic Automotive, Inc. (“Sonic” or “the Company”) (NYSE: SAH) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Sonic is the subject of a report published by Bloomberg on February 18, 2021. In the article titled “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,” Bloomberg reported that “barely 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.” Bloomberg 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.”

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at [email protected].

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

Contacts

The Schall Law Firm

Brian Schall, Esq.

310-301-3335

[email protected]
www.schallfirm.com

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