Verizon (VZ) Lead Cable Harm Case

W.D. Pennsylvania

Court

2:23-cv-01375

Case number

02/04/2020

Class period Start

07/26/2023

Class period End

09/30/2023

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.

Case Status

Voluntary Dismissed

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

07/27/2023

Filing date

08/01/2023

Lead Plaintiff Deadline

09/30/2023

Judge

Hon. J. Nicholas Ranjan

Verizon (VZ) Lead Cable Harm Case

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