NEW YORK, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against AT&T, Inc. (NYSE: T) on behalf of long-term stockholders following a class action complaint that was filed against AT&T on July 28, 2023 with a Class Period from November 2, 2018 to July 26, 2023. Our investigation concerns whether the board of directors of AT&T have breached their fiduciary duties to the company.
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.
If you are a long-term stockholder of AT&T, 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 investigations@bespc.com, by 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 and California. 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.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
