Oppenheimer Comments On American Tower's Receipt Of Subpoena From SEC

Oppenheimer has published a report on American Tower (NYSE: AMT) after the company announced its receipt of a subpoena from the Securities & Exchange Commission for reasons unknown.

In the report, Oppenheimer writes, "American Tower announced the receipt of a subpoena from the SEC requesting certain documents from 2007 through the present, including in particular documents related to the company's tax accounting and reporting. The company announced it intends to cooperate fully with the SEC with respect to its request, but didn't divulge any additional details. This news led to the stock declining by nearly 6% on the day while the S&P 500 declined by 1%. In our view, this request could be partly due to the company's announcement that it will become a REIT (Real Estate Investment Trust) in early 2012 (the company already received a favorable judgment from the IRS)."

American Tower closed Friday at $51.21.