Charter Communications (CHTR) rose fractionally Wednesday after the company settled an accounting investigation with federal regulators.

The St. Louis-based cable operator said it reached an agreement with the Securities and Exchange Commission under which the company agreed to cease and desist from future violations of securities laws. Charter neither admitted nor denied any wrongdoing, and the SEC assessed no fine against the company.

"We are very pleased to put this issue from the past behind us," said CEO Carl Vogel. "We are a new company, and bringing this issue to closure allows us to focus on serving our customers."

Vogel said that Charter cooperated fully with the SEC in its 20-month investigation and was committed to implementing the institutional changes requested by the SEC. The SEC's investigation covered how Charter counted its customers, along with various accounting practices and procedures concerning capitalization of certain expenses and dealings with certain vendors, including programmers and digital set-top terminal suppliers.

In July 2003, four former Charter officers were indicted by a federal grand jury as part of an investigation into business practices at Charter during 2000 and 2001. Charter's financial results for 2000 and 2001 were re-audited by KPMG, which took over Charter's audit responsibilities in April 2002 from Arthur Andersen. Related financial statements were fully restated to reflect the company's financial position and results of operations.

On Wednesday, Charter rose 2 cents to $3.25.

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