A securities class action has been filed against AT&T Inc. (T) on behalf of persons or entities who purchased or otherwise acquired publicly traded AT&T securities between March 1, 2020 through July 26, 2023.  This case has been filed in the USDC – NJ.

On July 17, 2023, during market hours, The Wall Street Journal 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, the price of AT&T stock fell by $0.59 per share, or 4.2%, to close at $13.53 on July 17, 2023.

Then, on July 26, 2023, after the market closed, The Wall Street Journal released an article entitled “Justice Department and EPA Probe Telecom Companies Over Lead Cables.” The article stated, in pertinent part, “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, AT&T stock fell by $0.38 per share, or 2.55%, to close at $14.51 on July 27, 2023.