Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased 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.
Investors suffering losses on their AT&T investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
