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VZ.US
id: 793

Verizon (VZ) Lead Cable Harm Case

W.D. Pennsylvania
Court
2:23-cv-01375
Case number
04 Feb 2020
Class period Start
26 Jul 2023
Class period End
30 Sept 2023
Lead Plaintiff motion deadline
  • WSJ released articles on Verizon 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.
  • $VZ fell losing billions of its market cap.
  • Investors suspect Verizon & 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, $VZ fell 2.7% and lost $3.2 billion of its market cap.

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 Verizon 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.

Taking all facts into account, Investors have reasons to suspect Verizon 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 ordinary people.
Alleged Offence
Misleading Statements
Failure to Disclose
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
27 July 2023
Filing date
01 August 2023
Lead Plaintiff Deadline
30 September 2023
Judge
Hon. J. Nicholas Ranjan
Collecting participants…

Verizon Communications Inc

Verizon Communications Inc., through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and gov...

    Ticker
    VZ.US
    ISIN
    US92343V1044
    CIK
    732712
    Sector
    Communication Services
    Industry
    Telecom Services
    Country
    USA
    Address
    1095 Avenue of the Americas, New York, NY, United States, 10036