SOURCE: Izard Nobel LLP

December 15, 2008 12:15 ET

Izard Nobel LLP Announces Class Action Lawsuit Against CBS Corporation

HARTFORD, CT--(Marketwire - December 15, 2008) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased the common stock of CBS Corporation (NYSE: CBS) ("CBS" or the "Company") between February 26, 2008 and October 10, 2008, inclusive (the "Class Period").

The Complaint charges that CBS and certain of its officers and directors violated federal securities laws by issuing false and misleading statements about the Company's financial condition. Specifically, defendants failed to disclose: (i) that adverse market conditions had materially impaired CBS's operations, expected cash flows and the value of its intangible assets, including goodwill; (ii) that the Company's reported goodwill and intangible assets were materially overstated; (iii) that the Company's reported equity capital was materially overstated; (iv) that, as a result of its failure to timely write down impaired intangible and goodwill assets, the Company's financial results were materially overstated; (v) that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (vi) that the Company's balance sheet was not "pristine," "extremely strong" or "extremely healthy;" and (vii) that the Company's cash flow from operations was declining at a significant rate.

If you are a member of the class, you may, no later than February 10, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/cbscorporation /, or contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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