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Cablevision Systems Corporation CVC Securities Stock Fraud


Company: Cablevision Systems Corporation
Ticker Symbol: CVC
Class Period: Feb-16-11 to Oct-28-11
Date Filed: Jan-26-12
Lead Plaintiff Deadline: Mar-26-12
Court: Eastern District of New York
Allegations:
New York, NY: A securities class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of the common stock of Cablevision Systems Corporation ("Cablevision" or the "Company") between February 16, 2011 and October 28, 2011, inclusive (the "Class Period").

The complaint charges Cablevision and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Cablevision, through its subsidiaries, operates as a telecommunications, media, and entertainment company.

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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

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Published on Jan-27-12

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