Stockholders v Charter Communications, Inc.
Stockholders File Lawsuit Against Charter Communications, Inc.
According to a press release dated June 1, 2009, the complaint charges Charter and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Charter operates a broadband communications business in the United States.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Companys ability to service its debt, its potential for mergers, and the value of its stock. Specifically, defendants failed to disclose, among other things, that Charter would not be able service its debt to September 2010, but rather Charter would file bankruptcy in March of 2009. Also, the Defendants issued misleading statements about Charters potential for mergers. As a result of defendants false and misleading statements, Charters securities traded at artificially inflated prices during the Class Period, reaching a high of $ 4.800 on July 19, 2007.
On February 12, 2009, Charter issued a press release stating that it would file for bankruptcy before April 1, 2009.
If you bought Charter Communications, Inc. securities and would like to obtain information about the Charter Communications, Inc. lawsuit, then you are invited to call Kahn Swick Foti, LLC toll free at (866) 467-1400 to speak with an attorney or visit www.ksfcounsel.com.
