NEW YORK, Jan. 28, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Cablevision Systems Corp. ("Cablevision" or the "Company") (NYSE: CVC).
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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.
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Take Action
If you purchased Cablevision securities between February 16, 2011 and October 28, 2011 and would like to discuss your legal rights, visit www.faruqilaw.com/CVC. You can also 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 rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Cablevision's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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