Adelphia is the subject of an SEC and two federal grand jury investigations in connection with claims of accounting irregularities.
It is thought that the SEC probe of the investment bank will attempt to establish whether information provided to different departments of the bank should have put the orgainisation as a whole on notice that all was not well at Adelphia and, in particular, about the company's multi-million dollar off-balance sheet financings.
Salomon led a $1.5bn stock offering in January 2002 and co-managed a $1bn equity sale in November last year. Adelphia is currently in financial trouble, having recently missed interest and dividend payments. The company was delisted last week.
Salomon Probed
The Wall Street Journal online edition reports that the US Securities & Exchange Commission (SEC) is looking at what information Salomon Smith Barney had prior to the two public offerings it led or co-managed for troubled cable company Adelphia Communications Corp in the last few months.
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