SOURCE: Shareholders Foundation, Inc.

Shareholders Foundation, Inc.

March 05, 2012 09:35 ET

Cablevision Systems Corporation Investor Lawsuit Against Certain Directors Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Mar 5, 2012) - The Shareholders Foundation, Inc. announces that an investor in Cablevision Systems Corporation (CVC) shares filed a lawsuit in State Court against certain directors of Cablevision Systems over allegedly acting in bad faith by breaching their fiduciary duties in failing to adequately manage and oversee the company.

If you are a current long term investor in shares of Cablevision Systems Corporation (CVC) shares, you have certain options and should contact the Shareholders Foundation by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The plaintiff says that certain directors issued improper statements concealing the facts that Cablevision Systems was experiencing higher retention and advertising costs and that Cablevision Systems was losing more video customers than expected, especially in its main service areas, due to increased competition.

The plaintiff alleges that investors were first alerted to the true condition of Cablevision Systems' business on August 9, 2011, when Cablevision Systems announced during its second quarter 2011 earnings call that Cablevision Systems lost 23,000 video subscribers. Then on October 28, 2011, so the lawsuit, Cablevision Systems revealed that an additional 19,000 video subscribers had canceled their service and that Cablevision Systems was performing below expectations.

The plaintiff says that certain Cablevision Systems directors caused irreparable reputational harm to the company, exposed it to millions of dollars of liability and have potentially threatened its ability to exist in the future. The plaintiff seeks to improve corporate governance and internal procedures and seeks damages for Cablevision Systems and restitution from the defendants.

Those who are current long term investors in shares of Cablevision Systems Corporation (CVC) have certain options and should contact the Shareholders Foundation.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108