LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired AT&T Inc. (“AT&T” or the “Company”) (NYSE: T) securities between March 1, 2020 and July 26, 2023, inclusive (the “Class Period”). AT&T investors have until September 26, 2023, to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On July 9, 2023, The Wall Street Journal published an article regarding an investigation that determined that “[t]elecom companies laid them (toxic lead cables) decades ago and thousands were left behind, posing a hidden health hazard today[.]” The following day, July 10, 2023, The Wall Street Journal released another article focusing on the lead cables in a waterway in south central Louisiana, currently owned by AT&T. The article detailed how “testing showed that many are leaching toxic metal into the ground and water.” On this news, AT&T’s stock price fell $0.34, or 2.2%, to close at $15.27 per share on July 10, 2023, thereby injuring investors.
On July 17, 2023, investing.com reported that analysts had downgraded AT&T as a result of the revelations about lead covered cables. On this news, AT&T’s stock price fell $0.97, or 6.7%, to close at $13.54 per share.
On July 26, 2023, The Wall Street Journal released another article regarding lead cables, stating that “the Justice Department and Environmental Protection Agency are investigating the potential health and environmental risks stemming from a sprawling network of toxic lead-sheathed telecom cables across the U.S.” On this news, AT&T’s stock price fell $0.38, or 2.6%, to close at $14.51 per share on July 27, 2023, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) AT&T owns cables around the country that are highly toxic due to their being wrapped in lead, and which harm Company employees and non-employees alike; (2) it faces potentially significant litigation risk, regulatory risk, and reputational harm as a result of its ownership of these lead-covered cables and the health risks stemming from their presence around the United States; (3) it was warned about the damage and risks presented by these cables but did not disclose them as a potential threat to employee safety or to everyday people and communities; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased AT&T securities during the Class Period, you may move the Court no later than September 26, 2023, to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased AT&T securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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