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Sarbanes-Oxley News & Developments
Cablevision Systems Corp.: SEC Probes AccountingNY area cable operator says it has received a subpoena concerning irregularities that led to 14 firings.
> > Cablevision Systems Corp. announced 14 employees were fired at its Rainbow Media Group unit June 18 after an internal review covering the period 1999 to 2002 and found about $6.2 million of expenses for 2003 were improperly booked in 2002.
Cablevision received the SEC order and subpoena late Thursday, after the U.S. stock markets closed.
AMC Networks President Kate McEnroe was among those fired. All but $1.7 million of the accrulas were reversed before the release of 2002 results. Cablevision said it is cooperating fully with the SEC.
Cablevision said its Audit Committee retained William McLucas of the law firm Wilmer,Cutler & Pickering to investigate the matter. The law firm has since retained PricewaterhouseCoopers as forensic accountants.
Cablevision has about 3 million subscribers and properities include Madison Square Garden and the NY Knicks basketball team. Cablevision repeated Thursday that the improper accruals are insignificant to previously reported results made by either Cablevision Systems Corp.or Rainbow Media Group.
Source: CNN Money article
Published:2003-07-05
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