NYSE: SAH

Sonic Automotive, Inc.

Rosen Law Firm, a global investor rights law firm, announces it is investigating potential breaches of fiduciary duties by management of Sonic Automotive, Inc. (NYSE: SAH) resulting from allegations that management may have issued materially misleading business information to the investing public.

If you currently own shares of Sonic and would like to join the prospective action, please click “Join This Class Action.”

Rosen Law Firm, a global investor rights law firm, announces it is investigating potential breaches of fiduciary duties by management of Sonic Automotive, Inc. (NYSE: SAH).

Details of the case:

On October 7, 2020, The Charlotte Observer reported that Sonic’s Chief Executive Officer, David Bruton Smith, 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.”

More recently, 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.” Bloomberg reported 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.” Bloomberg further reported 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.”

 

Follow us on:

Why Rosen Law

The Rosen Law Firm has been ranked among the top 4 law firms each year since 2013 for the number of successful securities class actions on behalf of investors. In 2019 alone, our firm recovered $438 million for investors.

Investors should carefully identify and select experienced counsel with a track record of success leading securities class actions. Often other firms issue press releases about class actions yet do not have comparable experience or resources.

Institutional Shareholders Services ranked the Rosen Law Firm # 1 for the number of securities class action recoveries in 2017.

The Rosen Law Firm represents investors throughout the globe. Our mission is to prosecute securities fraud class actions and protect shareholders’ rights.

Scroll to Top