American Tower Drops 5.8% After Receiving Subpoena From SEC

June 04, 2011, 8:54 AM EDT By Amy Thomson

(Updates with closing share price in third paragraph.)

June 3 (Bloomberg) -- American Tower Corp. fell the most in more than two months after the wireless tower operator said it received a subpoena from the U.S. Securities and Exchange Commission related to its accounting.

The SEC requested documents from 2007 until now, with an emphasis on records for tax reporting and accounting, the Boston-based company said today in a regulatory filing. American Tower’s customers include AT&T Inc., Verizon Wireless, Sprint Nextel Corp. and T-Mobile USA.

The shares fell $3.17, or 5.8 percent, to $51.21 in New York Stock Exchange composite trading at 4:15 p.m., the largest one-day drop since March 21. The stock is little changed this year.

--Editors: Peter Elstrom, Stephen West

To contact the reporters on this story: Amy Thomson in New York at athomson6@bloomberg.net

To contact the editor responsible for this story: Peter Elstrom at pelstrom@bloomberg.net

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