SOURCE: Izard Nobel LLP

February 06, 2012 11:50 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Cablevision Systems Corporation

WEST HARTFORD, CT--(Marketwire - Feb 6, 2012) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of New York on behalf of purchasers of the common stock of Cablevision Systems Corporation ("Cablevision" or the "Company") (NYSE: CVC) between February 16, 2011 and October 28, 2011, inclusive (the "Class Period").

The Complaint alleges that Cablevision and certain of its officers and directors violated the federal securities laws. Specifically, defendants failed to disclose the following adverse facts: (i) that Cablevision was experiencing higher retention and advertising costs; (ii) that Cablevision was losing more video customers than expected, especially in the New York area -- the Company's main service area -- due to increased competition; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.

On October 28, 2011, Cablevision announced its financial results for the third quarter of 2011, the period ended September 30, 2011. On that same day, Cablevision held a conference call with analysts and investors to discuss the earnings announcement and the Company's operations, including the Company's subscriber loss. In reaction to the Company's announcement, the price of Cablevision stock fell $2.17 per share, or 13%, to close at $15.14 per share.

If you are a member of the class, you may, no later than March 26, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/cablevision/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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