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id: 791, Created by Stan Vick, Scout
AT&T (T) Lead Cables Harm Case
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D. New JerseyCourt
01 Mar 2020Class period Start
26 Jul 2023Class period End
26 Sept 2023Lead Plaintiff motion deadline
- WSJ released seria of articles on AT&T and other telecoms that left over 2,000 toxic lead cables on poles, under waterways, and in the soil across the U.S. and which harm the Company's employees and ordinary people.
- $T fell, losing billions of its market cap.
- Investors suspect AT&T and Accountables of failing to disclose highly toxic effects from its cables.
On July 26, 2023, The Wall Street Journal released an article entitled “Justice Department and EPA Probe Telecom Companies Over Lead Cables.” The article stated 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.”
It highlighted how the EPA had said it takes “the issues raised in the articles very seriously and will move expeditiously under our statutory authorities to protect the public from legacy pollution.”
On this news, $T fell 2.55% and lost $2.7 billion of its market capitalization.
Earlier, on July 17, 2023, WSJ released an article entitled “Environmental Groups Ask EPA to Shield Public From Abandoned Lead Cables”, which followed up on a series of exposes showing that “AT&T and other telecom companies have left behind more than 2,000 toxic lead cables on poles, under waterways and in the soil across the U.S.”, leaving various spots with lead levels which exceeded EPA safety guidelines.
The article also discussed how various environmental groups had requested that the Environmental Protection Agency investigate the matter and remove certain lead-covered cables, and take other action as needed.
On this news, $T fell by 4.2%, seriously damaging investors.
Taking all facts into account, Investors have reasons to suspect AT&T and its Accountables of failing to disclose that it owns cables around the US that are highly toxic due to their being wrapped in lead, and which harm the Company's employees and non-employees alike.
Failure to Disclose,
Shock Event Date
27 July 2023
28 July 2023
Lead Plaintiff Deadline
26 September 2023
Hon. Kevin McNulty