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WideOpenWest, Inc. (NYSE: WOW) Investor Investigation Over Potential Securities Laws Violations Announced

  • Investors who purchased shares of WideOpenWest, Inc. (NYSE: WOW), have certain options and should contact the Shareholders Foundation, Inc.

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

Investigation Overview

Company
WideOpenWest, Inc.
Security
NYSE: WOW

Summary

An investigation on behalf of investors of WideOpenWest, Inc. (NYSE: WOW) shares over potential securities laws violations by WideOpenWest, Inc. and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of WideOpenWest, Inc. (NYSE: WOW) concerning whether a series of statements by WideOpenWest, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Englewood, CO based WideOpenWest, Inc. operates as a cable operator in the United States.

Between May 25, 2017, and May 31, 2017, WideOpenWest, Inc conducted its initial public offering ('IPO') of 20,970,589 shares of stock priced at $17.00, raising proceeds of approximately $337.8 million.

On March 14, 2018, WideOpenWest, Inc announced its financial and operating results for the fourth quarter and fiscal year 2017, reporting a full year decline in total revenue of approximately 4%. WideOpenWest, Inc. reported that its annual Total Revenue declined from over $1.23 billion in 2016 to over $1.18 billion in 2017 and that its Net Income increased from $26.3 million in 2016 to $159.50 million in 2017.

On an earnings call discussing the results, WideOpenWest's Chief Executive Officer Teresa Elder stated that the Company has 'not lived up to [its] long-held reputation of providing exceptional customer experiences,' and that WideOpenWest's failures would necessitate 'investments of between $20 million and $25 million . . . in customer experience, customer acquisition and retention, products and services and, of course, [its] people.' In addition, WideOpenWest announced that it was required to record a $147.4 million impairment to indefinite-lived intangible assets and goodwill, which the Company stated was primarily driven by WideOpenWest's stock price decline.

Shares of WideOpenWest, Inc. (NYSE: WOW) declined to as low as $6.02 per share in late April 2018.

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