GlobeNewswire Inc | Feb 25, 2021 08:00AM EST

February 25, 2021

PHILADELPHIA, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating Sonic Automotive, Inc. (Sonic or the Company) (NYSE: SAH) on behalf of the Companys stockholders.

Sonic stockholders who purchased or acquired shares of the Companys 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 skaskela@kaskelalaw.com, to discuss this investigation and their legal rights and options. Additional information may also be found at https://kaskelalaw.com/case/sonic-automotive-inc/.

OnFebruary 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 Automotives David Smith was charged with assaulting a woman. The article detailed how, [b]arely 24 hours after his release, Sonics board more than a quarter of which is made up of Smith family members, including the CEOs father and 93-year-old founder O. Bruton Smith said it believed he was innocent and pledged its steadfast support. Additionally, Bloomberg reported how Sonics ownership structure gives the company more room to shrug off any potential backlash. Its 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 Sonics 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.

CONTACT:

D. Seamus Kaskela, Esq.KASKELA LAW LLC18 Campus Blvd., Suite 100Newtown Square, PA 19073(484) 258 1585(888) 715 1740www.kaskelalaw.comskaskela@kaskelalaw.com

This notice may constitute attorney advertising in certain jurisdictions.