Shareholder rights firm Robbins
Umeda LLP is investigating possible breaches of fiduciary duty and
other violations of the law by certain officers and directors at
Cablevision Systems Corporation (NYSE: CVC). Concerned shareholders who
would like more information about their rights and potential remedies
can contact attorney Gregory E. Del Gaizo at (800) 350-6003, info@robbinsumeda.com,
or via the shareholder
information form on the firm's website.
Robbins Umeda LLP's investigation focuses on whether officials at
Cablevision breached their fiduciary duties to shareholders and
maintained inadequate controls to the detriment of the company and
investors. The firm is investigating allegations that members of the
Board of Directors issued improper statements concealing the fact that:
(1) Cablevision was experiencing higher retention and advertising costs;
and that (2) the company was losing more video customers than expected,
especially in its main service areas, due to increased competition.
Cablevision investors were first alerted to the true condition of the
company's business on August 9, 2011, when Cablevision announced during
its second quarter 2011 earnings call that the company lost 23,000 video
subscribers. On this news, the company's stock fell $2.50 per share or
13%, to close at just $17.02. Then, on October 28, 2011, Cablevision
revealed that an additional 19,000 video subscribers had canceled their
service, and that the company was performing below expectations. On this
news, the company's stock value declined an additional 13%. Since these
facts have emerged, Cablevision has increasingly become the focus of
costly public and legal scrutiny, while deficient controls at the
company continue to undermine Cablevision's intrinsic value and future
business prospects.
Robbins Umeda LLP highlights that Cablevision shareholders have the
option to file a derivative
action to hold those officers and directors accountable for damaging
the company. Remedies commonly sought in derivative actions include corporate
governance reforms designed to prevent future misconduct, removal of
officers or directors whose misconduct injured the corporation, and
monetary payments in the form of damages and disgorgement of ill-gotten
gains.
Robbins Umeda LLP is a nationally recognized leader in securities
litigation and shareholder rights law. The firm represents individual
and institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than $1
billion of value for themselves and the companies in which they have
invested. For more information, please go to http://www.robbinsumeda.com.
Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/cablevision-systems-corp/
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