HARTFORD, Conn., Jan. 3, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., 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 Pennsylvania on behalf of all persons who purchased the common stock of Comcast Corp. ("Comcast" or the "Company") (Nasdaq:CMCSA) between February 1, 2007 and December 4, 2007, inclusive (the "Class Period").
The Complaint charges that Comcast and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that Defendants issued false and misleading statements and failed to disclose: (i) that Comcast was experiencing increased competition from satellite providers and telephone companies forcing it to spend more to attract and retain customers; and (ii) that the Company's level of capital expenditures necessary to upgrade and maintain its technology and equipment was rising beyond internal expectations.
On October 25, 2007, Comcast issued a press release announcing its financial results for the third quarter of 2007, the period ended September 30, 2007. The Company reported that third-quarter net income fell 54% from the prior year and that it was experiencing slowing subscriber growth. Upon these announcements, the price of Comcast common stock fell $2.57 per share, or approximately 11%, to close at $21.28 per share.
Then, on December 4, 2007, Comcast issued a press release announcing that it was cutting its 2007 user growth forecast of 6.5 million revenue generating units ("RGUs") to 6 million RGUs and that its revenue and cash flow growth projections would fall short of expectations. On this news, the price of Comcast common stock fell an additional $2.55 per share, or approximately 12%, to close at $18.18 per share.
If you are a member of the class, you may, no later than March 3, 2008, 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, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. 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, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.