LOS ANGELES, Aug. 16, 2002 (PRIMEZONE) -- On July 31, 2002, Glancy & Binkow LLP filed the first class action lawsuit against Charter Communications, Inc. ("Charter" or the "Company") (Nasdaq:CHTR) and certain of its senior officers on behalf of purchasers of Charter securities between November 9, 1999 and July 17, 2002, inclusive (the "Class Period"). Glancy & Binkow LLP is continuing its investigation into Charter's misconduct.
A copy of the complaint is available from the U.S. District Court for the Central District of California or from Glancy & Binkow LLP. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
The Complaint charges Charter and certain of its officers and directors with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements regarding the nature of Charter's revenue and earnings caused Charter's stock price to become artificially inflated, inflicting damages on investors. The Complaint alleges that defendants overstated Charter's revenue, failed to appropriately account for installation costs and artificially inflated the number of subscribers for the Company's basic cable services. On July 18, 2002, when a Merrill Lynch analyst expressed concerns about potentially misleading accounting practices, Charter's stock fell more than 13%. A subsequent article in Forbes discusses a Credit Suisse First Boston report that further amplifies these concerns and describes how Charter handles the impact of "churn" -- labor and advertising costs -- on the Company's balance sheet, by improperly capitalizing approximately 30% of its installation labor costs over an extended time period. Additionally, the Company has received a federal grand jury subpoena requesting documents relating to Charter's current and disconnected customers and the Company's policies and procedures concerning the way Charter accounts for some of its costs.
All persons who purchased securities of Charter between November 9, 1999, and July 17, 2002, may move the Court not later than September 30, 2002, to serve as lead plaintiff, however, you must meet certain legal requirements.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.