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Adelphia Stock Plummets, Company to Pay Millions

1 comments | Monday, April 25, 2005

Adelphia Communications stock made a huge plummet today. Stocks were trading netween 19 to 25 cents per share last week. They dropped down to 14 cetns around noon today.

The news comes along with other compny news today, that Adelphia will have to pay back a massice amount of money...

the following exerpted from CNN.com. The story was featured as the top news story at around 4:30PM

The Justice Department said on Monday Adelphia Communications Corp. agreed to pay $715 million to set up a victim compensation fund to repay investors who lost money as a result of accounting fraud schemes and looting of the company. The bankrupt cable television group said Adelphia founder John Rigas had also agreed to forfeit more than 95 percent of all Rigas family assets.
For the Full Story, click here:
http://money.cnn.com/2005/04/25/technology/adelphia_settlement.reut/index.htm?cnn=yes

posted by joshhatcher

at 4:20 PM Permalink

1 Comments:

Anonymous Anonymous said...

yeah but those rigas's still have about 10 mill in their pockets..... crime pays well for them...they will still be able to buy all the loyal friends in coudersport they always have.....

3:59 PM

 

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