San Diego, CA -- (SBWIRE) --02/13/2012 -- The Shareholders Foundation announces that certain directors and officers of Cablevision Systems Corp. are under the investigation for current long term investors in Cablevision Systems Corporation (NYSE:CVC shares over possible breaches of fiduciary duties.
Investors who are current long term investors in Cablevision Systems Corporation (NYSE:CVC) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Cablevision Systems Corporation (NYSE:CVC) stocks follows a lawsuit filed earlier by shareholders who purchased NYSE:CVC shares only between February 16, 2011 and October 28, 2011. The investigation on behalf of current long term investors in Cablevision Systems Corp. (NYSE:CVC) stocks concerns whether certain Cablevision Systems officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Eastern District of New York the plaintiff alleges that Cablevision Systems Corporation violated Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements regarding Cablevision Systems’ business and prospects.
Shares of Cablevision Systems Corporation (Public, NYSE:CVC) surged from as low as $10.35 per share in March ’09 to over $37 per share during February 2011. However NYSE CVC shares fell from slightly over $36 per share in June 2011 to under $17 in August 2011.
On October 28, 2011, reported its third quarter 2011 results. Among other things, Cablevision Systems Corp. reported that its third quarter Revenue increased from its third quarter Revenue 2010 of $1.54billion to a third quarter Revenue of $1.66billion in 2011, however its third quarter Net Income fell from $68.44million to $39.32million.
Then on December 15, 2011, the company’s chief operating officer resigned.
Shares of Cablevision Systems Corporation fell on December 16, 2011 to as low as $12.75 per share.
Those who are current long term investors in Cablevision Systems Corporation (NYSE:CVC) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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