NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against AT&T, Inc. (“AT&T” or the “Company”) (NYSE: T) in the United States District Court for the District of New Jersey on behalf of all persons and entities who purchased or otherwise acquired AT&T securities between March 1, 2020 and July 26, 2023, both dates inclusive (the “Class Period”). Investors have until September 26, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On July 9, 2023, the Wall Street Journal published an article reporting that more than 2,000 abandoned lead cables, previously used by AT&T and other telecommunication companies, were degrading and leaching into soil and groundwater, posing a significant public health risk. In a related article, the Wall Street Journal estimated that cleanup costs could run into the tens of billions of dollars.
Following publication of these articles, analysts downgraded AT&T and other telecommunication company stocks. AT&T’s stock price fell $0.97 per share, or 6.69%, to close at $13.53 per share on July 17, 2023.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, 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’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased or otherwise acquired AT&T shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.