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SEC Probes Adelphia's Finances, Stock Price Falling

By Mark Scott

Coudersport, PA – The Securities and Exchange Commission is looking into Adelphia's troubled financial situation. Adelphia officials are promising to cooperate in the probe.

The company announced last week that it has $2.3 billion in previously undisclosed debt.

Adelphia's stock price continued to drop Wednesday, but not by as much as in recent days. Adelphia closed at $11.04, down 79-cents from Tuesday. It had fallen under $10 for a time earlier in the day.

Early Thursday, Adelphia stock was trading at $11.22, an increase of 18-cents. But then, the stock price began to drop again, falling 64-cents to $10.40 at mid-day. It had been trading at $20.39 a share on March 26th before the debt disclosure.

Adelphia announced on Monday that its annual financial report was being delayed.