AT&T Inc.
Lead Plaintiff Deadline 09/26/2023
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired AT&T Inc. (“AT&T” or the “Company”) (NYSE: T) securities during the period from March 1, 2020 through July 26, 2023 (the “Class Period”). Investors have until September 26, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On Sunday, July 9, 2023, the Wall Street Journal released an article entitled “America is Wrapped in Miles of Toxic Lead Cables” (the “July 9 Article”). This was the first in a series of articles from a WSJ investigation in which it determined that “[t]elecom companies laid them (toxic lead cables) decades ago and thousands were left behind, posing a hidden health hazard today[.]” On Monday July 10, 2023, during market hours, the Wall Street Journal released a follow-up article entitled “Bayou Teche is an Epicenter of America’s Lead Cable Problem.” As discussed in the July 9 Article, the lead cables in Bayou Teche, a waterway in south central Louisiana, which were laid by Southern Bell, now owned by AT&T. On this news, the price of AT&T shares declined by $0.34 per share, or approximately 2.18%, from $15.61 per share on July 7, 2023 to close at $15.27 on July 10, 2023.
On July 14, 2023, before the market opened, The Wall Street Journal released an article entitled “I was Really Sick, and I Didn’t Know From What”, which detailed the dangers telecom workers face as a result of handling objects covered in lead, and focused on former and current AT&T employees. On this news, the price of AT&T shares declined by $0.62 per share, or approximately 4.10%, from $15.12 per share to close at $14.50 on July 14, 2023.
On July 17, 2023, the Wall Street Journal released an article entitled “Environmental Groups Ask EPA to Shield Public From Abandoned Lead Cables.” On the same day, the Wall Street Journal released another article entitled “Telecom Stocks Extend Losses After WSJ Toxic Lead Investigation.” On this news, the price of AT&T shares declined by $0.97 per share, or approximately 6.69%, from $14.50 per share to close at $13.53 on July 17, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose 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; and (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.
On Sunday, July 9, 2023, the Wall Street Journal released an article entitled “America is Wrapped in Miles of Toxic Lead Cables” (the “July 9 Article”). This was the first in a series of articles from a WSJ investigation in which it determined that “[t]elecom companies laid them (toxic lead cables) decades ago and thousands were left behind, posing a hidden health hazard today[.]” On Monday July 10, 2023, during market hours, the Wall Street Journal released a follow-up article entitled “Bayou Teche is an Epicenter of America’s Lead Cable Problem.” As discussed in the July 9 Article, the lead cables in Bayou Teche, a waterway in south central Louisiana, which were laid by Southern Bell, now owned by AT&T. On this news, the price of AT&T shares declined by $0.34 per share, or approximately 2.18%, from $15.61 per share on July 7, 2023 to close at $15.27 on July 10, 2023.
On July 14, 2023, before the market opened, The Wall Street Journal released an article entitled “I was Really Sick, and I Didn’t Know From What”, which detailed the dangers telecom workers face as a result of handling objects covered in lead, and focused on former and current AT&T employees. On this news, the price of AT&T shares declined by $0.62 per share, or approximately 4.10%, from $15.12 per share to close at $14.50 on July 14, 2023.
On July 17, 2023, the Wall Street Journal released an article entitled “Environmental Groups Ask EPA to Shield Public From Abandoned Lead Cables.” On the same day, the Wall Street Journal released another article entitled “Telecom Stocks Extend Losses After WSJ Toxic Lead Investigation.” On this news, the price of AT&T shares declined by $0.97 per share, or approximately 6.69%, from $14.50 per share to close at $13.53 on July 17, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose 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; and (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.