San Diego, CA -- (SBWIRE) -- 03/07/2012 -- A current investor in NYSE:CVC shares filed a lawsuit against directors of Cablevision Systems Corporation over alleged breaches of fiduciary duties in connection with certain allegedly statements that were allegedly materially false and misleading.
Investors who are current long term stockholders in shares of Cablevision Systems Corporation (NYSE: CVC), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that certain directors of Cablevision Systems acted in bad faith by breaching their fiduciary duties in failing to adequately manage and oversee the company. The plaintiff says that certain directors issued improper statements concealing the facts that Cablevision Systems was experiencing higher retention and advertising costs and that Cablevision Systems was losing more video customers than expected, especially in tis main service areas, due to increased competition.
The plaintiff alleges that NYSE:CVC investors were first alerted to the true condition of Cablevision Systems’ business on August 9, 2011, when Cablevision Systems announced during its second quarter 2011 earnings call that Cablevision Systems lost 23,000 video subscribers.
Then on October 28, 2011, so the lawsuit, Cablevision Systems revealed that an additional 19,000 video subscribers had canceled their service and that Cablevision Systems was performing below expectations.
The plaintiff claims that since there facts have emerged, Cablevision Systems has increasingly become the focus of costly public and legal scrutiny, while deficient internal controls at Cablevision Systems continue to undermine Cablevision Systems’ intrinsic value and future business prospects.
The plaintiff says that certain directors of Cablevision Systems caused irreparable reputational harm to the company, exposed it to millions of dollars of liability and have potentially threatened its ability to exist in the future. The plaintiff seeks to improve corporate governance and internal procedures and seeks damages for Cablevision Systems and restitution from the defendants.
Those who purchased shares of Cablevision Systems Corporation (NYSE: CVC) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego