PracticeAccounting FirmsUS cable company faces accounts probe

US cable company faces accounts probe

Shares in US cable company Charter Communications dipped last week after the company revealed it is to have its accounting practices investigated.

Link: FBI arrests former WorldCom finance chief

The firm, controlled by Microsoft co-founder Paul Allen, lost 8% of its value after admitting that a grand jury had demanded documentation on its book-keeping and customers amid concerns over the way it accounts for some of its costs.

This is a second blow for the business which was hit by a class-action lawsuit last month alleging that its statements contained omissions and untruths.According to Charter, which is based in St Louis, Missouri, the grand jury case is on the same issue as the class action.

David Andersen, Charter senior vice president of communications said: ‘Charter believes the issues under investigation are similar to those raised in previously reported class actions pending against the company, and certain individual defendants. We will cooperate fully with the subpoena.’

Charter, founded in 1993, started out providing US households with cable TV but has now shifted towards the promising broadband market.

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