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Cablevision Systems Corporation (NYSE: CVC) Investor Securities Class Action Lawsuit 01/26/2012

  • If you purchased shares of Cablevision Systems Corporation (NYSE: CVC), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Cablevision Systems Corporation
Security
NYSE: CVC

Case Name
Cablevision Systems Corporation Shareholder Class Action Lawsuit 01/26/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 5, 2012 - The court granted defendants' motion to dismiss with prejudice.
February 1, 2013 - Defendants filed a motion to dismiss.

June 29, 2012 - The lead plaintiffs filed an amended consolidated complaint.

April 30, 2012 - Lead plaintiffs and lead counsel were appointed.

March 26, 2012 - Lead plaintiff motion was filed.

January 26, 2012 - An investor in shares of Cablevision Systems Corporation (NYSE: CVC) filed a lawsuit in the U.S. States District Court for the Eastern District of New York against Cablevision Systems Corporation over alleged Securities Laws Violations in connection with its financial statements.

According to the complaint the plaintiff alleges on behalf of purchasers of the common stock of Cablevision Systems Corporation (NYSE: CVC) between February 16, 2011 and October 28, 2011, that Cablevision Systems Corporation and certain of its officers and directors violated Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements regarding Cablevision Systems Corporation’s business and prospects.

Cablevision Systems Corporation reported that its annual Revenue increased from $6.48billion for 2007 to $7.23billion for 2010 and its Net Income rose from a Net Loss of $228.06million for 2008 to a Net Income of $360.95million for 2010.

Shares of Cablevision Systems Corporation (NYSE: CVC) surged from as low as $10.35 per share in March 2009 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 Corporation 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.