DOW JONES NEWSWIRES
American Tower Corp. (AMT) received a subpoena from the U.S. Securities and Exchange Commission related to the company's tax accounting and reporting.
The cell-tower operator said it will cooperate fully with the SEC's request for certain documents from 2007 through the present.
Last month, the company got board approval to take the steps necessary to reorganize as a real estate investment trust no earlier than Jan. 1, 2012. At the time, American Tower said converting to an REIT structure was the optimal cash distribution and tax strategy given the nature of its assets and business.
The company also reported in May its first-quarter profit declined 4.6% as operating margins fell and interest expenses grew, masking better-than-expected revenue growth.
Shares were trading down 10% at $49 premarket. The stock has risen 28% over the past year, as of Thursday's close.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283; email@example.com