Charter Communications has agreed to settle with the Securities and Exchange Commission over a 20-month investigation into the way the cabler counts its subscribers and accounts for the expenses related to set-top box equipment and programming fees.
Charter admitted no wrongdoing and was assessed no fine but had to agree to sign an administrative order prohibiting any future violations of U.S. securities laws.
In 2003, four former officers of the company were indicted by a federal grand jury as part of an investigation into the business practices at Charter between 2000 and 2001. Company restated those results, which were reaudited by KPMG.
Settlement comes as a broad cross-section of more than 20 communications firms such as SBC Communications, DirecTV and Comcast have received letters from the SEC en masse as part of an inquiry into how they account for and ascribe value to subscribers.