CASES
Cablevision Systems Corporation
Class Period: Feb 16, 2011 to Oct 28, 2011
Lead Plaintiff Deadline: Mar 26, 2012
Summary of Case:
A securities class action has been filed against Cablevision Systems Corporation ("Cablevision" or the "Company") on behalf of all persons or entities who purchased the common stock of Cablevision between February 16, 2011 to October 28, 2011. This case has been filed in the USDC - New York (Eastern).
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that Cablevision was experiencing higher retention and advertising costs; (ii) that Cablevision was losing more video customers than expected, especially in the New York area - the Company's main service area - due to increased competition; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
On October 28, 2011, Cablevision announced its financial results for the third quarter of 2011, the period ended September 30, 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 per share, on extremely heavy trading volume.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.