SEC Opens Probe of Cablevision Books
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Cablevision Systems Corp. said the Securities and Exchange Commission issued a formal order of investigation and subpoena in connection with the company’s Rainbow Media unit, according to a company filing.
In mid-June, Cablevision said an internal review of a division of Rainbow Media found some improper expense accruals. Cablevision fired 14 employees, including the head of its American Movie Classics channel.
Shares of Bethpage, N.Y.-based Cablevision fell 30 cents to $22 on the NYSE. The firm announced the probe after trading ended.
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