Charter Communications(US:CHTR) Globenewswireยท2025-09-30 12:38Core Viewpoint - A lawsuit has been filed against Charter Communications, Inc. and certain senior executives for potential violations of federal securities laws, particularly related to the impact of the Affordable Connectivity Program's termination on the company's customer base and revenue [1][2][3]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the Southern District of New York, captioned Sandoval v. Charter Communications, Inc., No. 1:25-cv-06747, and investors have until October 14, 2025, to seek lead plaintiff status [2]. - The complaint alleges violations under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of Charter investors [2]. Group 2: Company Background - Charter is a major player in the broadband and cable industry, having participated in the FCC's Affordable Connectivity Program, which subsidized internet plans for low-income households [3]. - The Affordable Connectivity Program ended in June 2024 due to a lack of federal funding, leading to a decline in Charter's customer base [3]. Group 3: Financial Impact - Following the termination of the Affordable Connectivity Program, Charter claimed to have managed the transition successfully; however, the company continued to experience customer and revenue declines, contradicting its public statements [4]. - In Q2 2025, Charter reported a decrease of 117,000 total internet customers, with approximately 50,000 disconnects attributed to the end of the program, nearly double the disconnects from the previous quarter [5]. - The announcement of these results led to a significant stock price drop of $70.25 per share, or 18.4%, from $380.00 on July 24, 2025, to $309.75 on July 25, 2025 [5].