DALLAS, Jan. 27, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Cablevision Systems Corp. ("Cablevision" or "CVC") (NYSE: CVC) related to potential securities violations between February 16, 2011 and October 28, 2011 (the "Class Period").
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If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected]. There is no cost or fee to you.
In a recently filed federal class action complaint, Cablevision and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants' statements during the Class Period were each materially false and misleading in that defendants knew or recklessly disregarded that: (a) Cablevision was experiencing higher retention and advertising costs than reported; and (b) that Cablevision was losing more video customers than expected, especially in the New York area, Cablevision's main service area, because of increased competition. It is further alleged that as a result of the foregoing, when Cablevision finally announced the massive loss of its subscribers on October 28, 2011, Cablevision shares plummeted 13% in a single day on heavy trading volume.
According to shareholder rights attorney Willie Briscoe, "The recent revelations about Cablevision's alleged misrepresentations regarding its business and financial status, including its alleged failure to inform the investing public about the significant loss of its customer base in the company's largest service market, are particularly troubling. This has led our firms to investigate possible breaches of fiduciary duties and other violations of state law by Cablevision's officers and directors. Based on our investigation, we are prepared to institute litigation to preserve the company and the value of Cablevision/CVC stock for all shareholders."
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP
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