Faruqi & Faruqi, LLP Announces Investigation of Cablevision Systems Corp. (CVC)
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Cablevision Systems Corp. (“Cablevision” or the “Company”) (NYSE: CVC).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Cablevision was experiencing higher retention and advertising costs than the Company depicted; and (2) Cablevision was losing more video customers than expected, especially in the New York area – the Company’s main service area – due to strengthening competition.
On October 28, 2011, Cablevision announced its financial results for the third quarter of 2011. On that same day, Cablevision held a conference call with analysts and investors to discuss the earnings announcement and the Company’s operations, including the Company’s subscriber loss. In reaction to the Company’s announcement, the price of Cablevision stock fell $2.17 per share, or 13%, to close at $15.14 on heavy trading volume.
If you purchased Cablevision securities between February 16, 2011 and October 28, 2011 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Cablevision’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.