Verizon Communications, Inc.
Lead Plaintiff Deadline 10/02/2023
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of Pennsylvania on behalf of those who acquired Verizon Communications, Inc. (“Verizon” or the “Company”) (NYSE: VZ) securities during the period from February 4, 2020 through July 26, 2023 (the “Class Period”). Investors have until October 2, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Verizon is one of the world’s leading providers of communications, technology, information and entertainment products and services to consumers, businesses and government entities.
On July 9, 2023, the Wall Street Journal released an article entitled “America is wrapped in miles of toxic lead cables.” It stated, in pertinent part: “In Coal Center, Pa., an aerial lead-sheathed cable runs along the street, drooping so low in certain spots that it is nearly within arm’s reach. The roughly mile-long cable, from Verizon, runs into neighboring California, Pa., across an entrance to apartment buildings, and near a school bus stop and playground. Some local residents had known about the cable and had been voicing their concerns for nearly a year. Lead found at one of the locations measured 7.5 times the amount the EPA says is safe for play areas, according to a soil sample collected by the Journal. The isotopic analysis by Nelson showed the lead in the soil mirrored the lead from the cable and was unlike the background lead in that area.” On this news, the price of Verizon shares declined by $0.76 per share, or approximately 2.12%, from $35.90 per share to close at $35.14 on July 10, 2023.
On July 13, 2023, the Wall Street Journal released a follow-up article entitled “What AT&T and Verizon knew about toxic lead cables.” The article stated, in pertinent part: “For decades, [Verizon and other firms] dating back to the old Bell System have known that the lead in their networks was a possible health risk to their workers and had the potential to leach into the nearby environment . . . .” On July 14, 2023, the Wall Street Journal published another article, titled “I Was Really Sick, and I Didn’t Know From What,” including profiles of multiple cable splicers. On this news, the price of Verizon shares declined by $0.63 per share, or approximately 1.81%, from $34.64 per share to close at $34.01 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 this news, the price of Verizon shares declined by $2.55 per share, or approximately 7.50%, from $34.01 per share to close at $31.46 on July 17, 2023.
On July 26, 2023, the Wall Street Journal released an article entitled “Justice Department and EPA Probe Telecom Companies Over Lead Cables.” On this news, the price of Verizon shares declined by $0.79 per share, or approximately 2.30%, from $34.34 per share to close at $33.55 on July 27, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (1) Verizon owns cables around the country that are highly toxic due to being wrapped in lead, and which harm Company employees and non-employees alike; (2) the Company faces potentially significant litigation risk, regulatory risk, and reputational harm as a result of its ownership of these lead 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 that they posed a threat to employee safety, to everyday people, and communities around the country.
Verizon is one of the world’s leading providers of communications, technology, information and entertainment products and services to consumers, businesses and government entities.
On July 9, 2023, the Wall Street Journal released an article entitled “America is wrapped in miles of toxic lead cables.” It stated, in pertinent part: “In Coal Center, Pa., an aerial lead-sheathed cable runs along the street, drooping so low in certain spots that it is nearly within arm’s reach. The roughly mile-long cable, from Verizon, runs into neighboring California, Pa., across an entrance to apartment buildings, and near a school bus stop and playground. Some local residents had known about the cable and had been voicing their concerns for nearly a year. Lead found at one of the locations measured 7.5 times the amount the EPA says is safe for play areas, according to a soil sample collected by the Journal. The isotopic analysis by Nelson showed the lead in the soil mirrored the lead from the cable and was unlike the background lead in that area.” On this news, the price of Verizon shares declined by $0.76 per share, or approximately 2.12%, from $35.90 per share to close at $35.14 on July 10, 2023.
On July 13, 2023, the Wall Street Journal released a follow-up article entitled “What AT&T and Verizon knew about toxic lead cables.” The article stated, in pertinent part: “For decades, [Verizon and other firms] dating back to the old Bell System have known that the lead in their networks was a possible health risk to their workers and had the potential to leach into the nearby environment . . . .” On July 14, 2023, the Wall Street Journal published another article, titled “I Was Really Sick, and I Didn’t Know From What,” including profiles of multiple cable splicers. On this news, the price of Verizon shares declined by $0.63 per share, or approximately 1.81%, from $34.64 per share to close at $34.01 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 this news, the price of Verizon shares declined by $2.55 per share, or approximately 7.50%, from $34.01 per share to close at $31.46 on July 17, 2023.
On July 26, 2023, the Wall Street Journal released an article entitled “Justice Department and EPA Probe Telecom Companies Over Lead Cables.” On this news, the price of Verizon shares declined by $0.79 per share, or approximately 2.30%, from $34.34 per share to close at $33.55 on July 27, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (1) Verizon owns cables around the country that are highly toxic due to being wrapped in lead, and which harm Company employees and non-employees alike; (2) the Company faces potentially significant litigation risk, regulatory risk, and reputational harm as a result of its ownership of these lead 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 that they posed a threat to employee safety, to everyday people, and communities around the country.