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id: 793, Created by Stan Vick Chase, Scout
Verizon (VZ) Lead Cable Harm Case
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- 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.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
27 July 2023
01 August 2023
Lead Plaintiff Deadline
30 September 2023
Hon. J. Nicholas Ranjan
29 August 2023
- $VZ, along with its CEO and former CFO, is facing a securities class action lawsuit.
- The lawsuit was brought by a Detroit retirement fund, claiming that $VZ and certain executives provided false information to investors regarding the company's initiatives to implement environmentally friendly network cables.
- Additionally, the lawsuit alleges that they neglected to reveal that the current network infrastructure is coated in lead.