Adelphia Communications Corp. stock plunged another 12 percent Monday after the company announced that it has asked the Securities and
Exchange Commission for an extension to file its 10-K annual report.
The last day to file the 10-K was April 1, and investors had hoped that the
company would provide more information concerning its $2.3 billion in
off-balance-sheet debt, first revealed in its fourth-quarter conference call
Adelphia stock -- which dropped 27 percent, or $5.49 per share, between March
27 and 28 -- fell another 15 percent, or $2.30, to $12.60 per share in early
morning trading April 1.
The stock gained some ground throughout the day finishing at $13.12 per share, down $1.78 on the day.
Adelphia said it needed the extra time to allow the company and its outside
auditors to review the accounting issues associated with the off-balance-sheet
Adelphia said in a prepared statement that the review and its findings would
be released as soon as practicable.
'We recognize that in the current financial environment, shareholders are
looking for greater clarity and transparency from the companies in which they
choose to invest,' Adelphia chairman and CEO John Rigas said in a prepared
'We at Adelphia recognize and respect that desire for greater clarity and
transparency, and we are committed to providing it in a timely manner,' he